LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors.
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.
In Singapore, there is currently no inventory with authorized retailers. All OS updates have been completed on the models available locally, and LG Electronics (Singapore) will continue to provide service support for customers of existing LG mobile products until further notice.
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 wind down of the mobile phone business globally is expected to be completed by July 31 although inventory of some existing models may still be available after that.
