LG Announces Exit Of Mobile Phone Business

One of the BIGGEST rumors, since January 2021 is now a reality. It had been rumored that LG was considering leaving the mobile phone business. Seems the rumor is now a fact, with the announcement Monday, April 5th (Seoul Time), that LG will indeed be leaving the mobile phone market. LG Exiting Mobile Market

The exit of LG from the mobile phone market isn’t entirely a surprise.  If you look at the latest data from Statcounter, LG has a minimal market share (of 1.7% in fact).

Some LG Mobile Innovation 

Things were not always down for LG Mobile as it was responsible for some very big innovations with smartphones. Some of the innovations that come to mind

• The LG G3 

This was the 1st smartphone with a QHD screen. That means the phone screen was 1440p and that was all the way back in 2014.

• The LG G Flex 

A smartphone with a curved screen that isn’t caused by the owner sitting on their phone. The curved screen also made the phone more durable for those who were tough on their phones.

The LG Announcement

Within the posted LG announcement, some of the key points

• LG will continue to sell the remaining inventory until it’s gone.
• LG will continue to provide updates and support for a period of time, based on any governmental rules by region.

The full announcement from LG

SEOUL, April 5, 2021 — LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today.

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.

Current LG phone 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 which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.

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 is expected to be completed by July 31 although inventory of some existing models may still be available after that.

Source(s) 

• LG – LG Newsroom (LG to Close Mobile Phone Business Worldwide) 
• Statcounter – Mobile Vendor Market Share – March 2021

LG Exiting Mobile Market