Today, LG announced in a Press Release that it will leave the smartphone industry for good. There have been numerous reports and rumors in recent months that suggested the same.
LG further stated that it will no more manufacture or sell smartphones. Today's board of directors approved this decision.
LG stated that its decision to leave the mobile phone business will enable it to use the resources available to focus more on automotive components, smart connected devices, robotics, artificial intelligence, business-to-business solutions, and platforms and services.
According to the report, existing LG smartphone customers will still be receiving software updates for some period of time and also stated that as long as there is sufficient inventory, the company will continue to sell its smartphones. The whole division will be dissolved by July 31, 2021.