LG has officially announced that it is quitting the smartphone market for good. The company will shut down its mobile business unit on July 31. The existing inventory of LG smartphones will continue to be on sale until stocks last.
LG will also provide customers with software updates and service support "for a period of time" that will vary depending on the region you live in.
LG Quits the Mobile Market to Focus on Other Growth Areas
LG says in its announcement, published on LGNewsroom, that its board of directors has approved its decision to exit the smartphone market. This is a strategic decision by LG to exit the "incredibly competitive mobile phone sector."
This will allow it to focus its resources on other markets with a lot of growth potential, including electric vehicle components, connected cars, smart home, AI, platform and services, and more. LG expects to complete the shutdown of its mobile business by July 31.
The company will also work with its suppliers and business partners to close its mobile phone business.
Reports of LG giving up on its smartphone business started circulating from the beginning of this year. Presumably, LG quitting the smartphone market also means that it will stop making Bluetooth earbuds and other smartphone accessories.
The company plans to leverage its expertise in mobile technology to develop technologies like 6G. Other technologies that the company has developed over the last two decades of being in the smartphone business will also be applied to its future products.
LG Phones May Still Get the Android 12 Update
LG will continue to sell its existing inventory of smartphones across the world. It will also provide service support and software updates, though it does not exactly mention how long it will support its devices.
On LG's Korean newsroom, LG says that it will provide the Android 12 OS update to selected devices as well as security updates, though its plans may change in the future. The company will also continue with its Android 11 update rollout for its existing smartphones, as previously announced.
LG was always known for its unique smartphones. Back at CES 2021, LG had officially teased its rollable phone. With the company quitting the mobile phone market, the rollable phone is not going to see the light of the day.
Last year, the company had unveiled the LG Wing with a swiveling second screen. While unique and innovative, LG smartphones failed to do well because of a lot of niggles and poor software support from the company.
