LG is shutting down its smartphone business worldwide

South Korea’s LG Electronics on Monday, April 5 announced its decision to shut down its smartphone business worldwide.

LG in a statement said that with its strategic decision to exit the mobile phone sector, its resources will now focus on “growth areas” such as electric vehicle components, connected devices, and smart homes.

“LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level,” the company said in a statement. 

“Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas. Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products.”

“The wind down of the mobile phone business is expected to be completed by July 31 although inventory of some existing models may still be available after that,” the company concludes.

Nevertheless, the current LG phone inventory will continue to be available for sale. It will also continue to provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.

LG’s focus is on mid-range and high-end smartphones. In 2013, it was the world's third-largest smartphone manufacturer behind Samsung and Apple.