Its been rumored around the tech circles for the past couple months that LG has been looking for potential buyers for its mobile phone biz. Buyers ranged from Google, Facebook, and others but looks like nothing panned out. In any case LG has announced it is officially bowing out of the mobile phone business.
Whether you liked them or not LG has always made some ambitious moves in the industry ranging from introducing Ultrawide cameras, lending an ear to audiophile equipping some of their devices with Quad DACs, or what seems to be its last phone the LG Wing with a swiveling screen giving you access to two at once.
We have been rocking with LG for years now going way back to its LG Optimus devices which would eventually become its LG G series. Then seeing them branch that out to its V series. Some forget they had hands on some of the Nexus devices and also the Google Pixel 2 XL.
Competition I always say is good and that takes one more player out of the mobile arena leaving it down to Apple and Samsung with possibly OnePlus here in the U.S.
There are some other companies internationally trying to make some headway but here stateside its always a tough market to jump into.
SEOUL, April 5, 2021 — LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today.
LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.
Current LG phone inventory will continue to be available for sale. LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. 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.
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.