LG has officially shut down its mobile business for the reason that its mobile business department losses do not stop increasing.

In January, there was speculation about the future of LG as a manufacturer of mobile phones, but there was no complete clarity. The information that the company will stop production was denied. Three months later, LG was pushed into a corner and issued an official statement about its situation.

At this stage, the portfolio of LG smartphones on the market will remain available and sales of the devices will continue to exist. There will also be support, as well as software updates “for a period of time that will vary by region.” The company expects to complete the liquidation of its mobile business by the end of July, although it notes that some LG phones may continue to sell after that date.

Despite the collapse of the mobile phone industry, LG intends to continue to use its experience in the mobile field, in the development of 6G, as an aid to further strengthen competitiveness in other business areas.

As of December, the company’s share in the global mobile market was only 1.7%. The company said in a statement:

„LG Electronics Inc. announced that it was closing its mobile business department. The decision was approved by the board of directors earlier today. The company’s strategic decision to leave the competitive mobile sector will allow resources to focus on the development of other areas, such as components for electric cars, smart homes, robots, artificial intelligence and business-to-business solutions, as well as other platforms and services.”