After years of trying to change its fortune, LG from Korea said it would be leaving mobile telephony worldwide.
Between the lines: The telephone industry is difficult to make profitable for anyone but the biggest players. LG was once one of them, but hasn’t been for years and had no clear path to change that.
- LG’s strategic decision to exit the incredibly competitive mobile phone industry allows the company to focus resources on 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, ”the company said in a statement.
- LG had said a few months ago that it was reviewing its options, including a possible exit from the company.
Of interestLG said it will take until July to wind down its business and sell its current inventory.
- LG said it will continue to service and support phones for some time to come.