You can say it’s a sad day for the smartphone industry, as it just lost one of its major players. That lost player is South Korea’s LG Electronics, which has announced that it’s shuttering its mobile phone business worldwide to focus on other sectors.

The decision from LG effectively pulls it out of the smartphone business where it worked hard and tried as much as possible to gain a foothold but is apparently not satisfied with its outcome. 

• Officially, LG Electronics will wound down its mobile phone business on the 31st of July, 2021, meaning no more new inventory of LG smartphones. The company says it’ll continue to provide support and software updates for current LG mobile owners for a “period of time”, albeit unspecified, that’ll vary by region. 

• LG’s smartphone business is known to have lost money for years, so it seems that LG got tired of bleeding cash in a business that’s rife with intense competition globally. Rumors flying around is that LG first sought to sell its mobile phone business to an outsider but failed to do so and then moved to close it down.

• With the wound-down of its mobile business, LG Electronics will now focus on other sectors like home appliances and TVs which are more profitable. The wound-down eliminates a major name from the smartphone market that released many phones and sold tens of millions of units worldwide.

• According to LG, there may be inventory of some existing LG smartphones available to buy after the shutdown, so if you’re a fan of LG mobiles, you should definitely be quick to get your hands on one.

• “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 company said in a statement.

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