LG has just confirmed that it’s shutting down its smartphone business. After several reports that surfaced regarding this in the last couple of months, LG has just confirmed the news via its official website.
In that press release, the company confirmed that the decision has been approved by its board of directors. It is said that this decision will enable the company to focus its resources on growing other areas of the business.
LG will focus on electric vehicle components, connected devices, smart homes, robotics, artificial intelligence (AI), and business-to-business solutions, along with platforms and services.
LG is shutting down its smartphone business, unfortunately
LG Electronics announced that its current phone inventory will continue to be available for sale. It also confirmed that it will continue to provide service support and software updates for consumers of existing LG mobile products… for a period of time. That will all depend on the region though.
The company also confirmed that it will continue to leverage its core technologies, technologies that it developed during the existence of its smartphone business. That existence spans for two decades, approximately, and LG plans to use that tech for its future products.
The closure should be completed by July 31
Those of you who are wondering when will LG close its smartphone business exactly, well, it’s starting already. LG did announce July 31 as the date when the closure will be complete. Do note that some of its smartphones may still be available after that date.
These are sad news indeed. A tech giant in the mobile phone space is closing its doors. LG Electronics did try to find a buyer for its smartphone business for a while, but was unsuccessful.
Many of us have fond memories of LG mobile phones, as the company has been making them for a long time. It’s not exactly a secret that LG’s smartphone business didn’t do all that well for a while now.
LG Mobile has been suffering operating losses since 2015
LG Mobile has been suffering operating losses since 2015. The company tried to change that for a long time, but did not succeed in the attempt. So, this piece of news does not come as a surprise, but it’s still sad to hear.
Those of you who are wondering what will happen with LG Mobile employees. Well, the company did not mention anything in its press release, but it was reported earlier that they will be reallocated.
The company’s rollable phone will never see the light of day, it seems
LG released quite a few interesting smartphones over the years, like the LG Wing, for example. The company was also planning to release another futuristic phone soon, its rollable smartphone. That phone will never see the light of day, though, it seems, which is quite unfortunate.
LG Mobile was never afraid to try offering something different to consumers, and it will surely be missed.