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South Korean vendor LG Electronics confirmed speculation it is to close its mobile phone business after suffering years of declining market share and huge competition from the likes of Apple and Samsung.
In a statement on April 5, the company noted its decision will enable it to focus resources on its other technology businesses “such as electric vehicle components, connected devices, smart homes, robotics, AI and business-to-business solutions, as well as platforms and services.”
LG also cited 6G as an area of focus: “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.”
Its mobile phone unit is expected to close by July 31, although customers will continue to be supported with service and software updates.
LG’s news will come as little surprise. Rumours of a market exit have been circulating for months, and reports suggest the company had little interest from prospective buyers.
The unit’s global market share was likely a major obstacle to securing an attractive price: Strategy Analytics data showed it held only a 2 per cent share of the smartphone market in 2020 and ranked as the ninth largest vendor.