After the reports and several headlines read that LG is closing its mobile phone business, the company has officially confirmed it today. So it’s official now, Lucky-Goldstar a.k.a LG, is closing their mobile phone business worldwide to focus on growth sectors. LG will cease developing and manufacturing new mobile devices and will shut down future sales. The South Korean electronics giant confirmed the news in an official blog post.
The company said it is a strategic decision to exit the smartphone market. They also mention that the decision 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
What should the LG smartphone owners/buyers do?
Though they’re shutting down the future sales, the current 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. But strangely, they also mentioned it would vary by region. It’s still unclear.
As per a report by XDA Developers, the company elaborated the software update plans for some of their mobile devices on its Korean website. The company will continue to deliver the Android 11 OS update for supported devices following the shutdown. In addition, it is also planning to roll out the Android 12 update for some of its devices.
What about suppliers and employees?
The company said it would work collaboratively with suppliers and business partners throughout the shutdown process of the mobile phone business. And they didn’t mention details about employment. They merely said, “Details related to employment will be determined at the local level.”
Where is LG planning to focus?
LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G. Also, they want to focus more on EVs, IoT, and B2B Solutions, which are growth sectors of the company.
LG said the complete closing of the process of the mobile phone business would end by July 31.
So that’s been it. Thank you for reading, and do share the article if you get a bit piece of information. Also, keep an eye on this space for more relevant updates. Stay safe, and we hope to see you around.