Apr 5, 2021
LG scraps its smartphone business as losses mount
Bosses said the mobile phone market had become "Incredibly competitive". LG phones are still fairly common in its domestic South Korean market. "LG's strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in 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," it said in a statement. Currently its global mobile phone market share is about 2%. It has been innovating its phones to compete with its bigger rivals, with last year's launch of the T-shaped Wing, a smartphone with a larger screen which swivels out to reveal a second, smaller one underneath. LG's phone inventory will continue to be available for sale, and it will still provide service support and software updates for existing customers.
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