In a surprise move, LG has just announced that it is shutting its mobile business down -- LG's board of directors approved the decision that will allow the company to put its efforts into other areas of its business.
LG will now put more of its efforts into other industries it has it already works in: electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, business-to-business solutions, as well as platforms and services. As for LG's official statement on pulling out of the mobile business, LG explains:
"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".
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