The company’s decision was approved by the board this morning. The Korean tech firm said that it wants to concentrate on other verticals such as EV parts, IoT, and AI: LG assured that it’ll provide repairs and software support for existing phone owners. However, the validity of this support may vary from region to region. While the firm made some interesting phones, its business has been a lossmaker for 23 straight quarters. According to a report by Korea Times, losses in this time period amount to 5 trillion won ($4.5 billion). Rumors of LG moving away from the phone market have been around for a while. In January, the Korean media reported that the company wanted to sell the smartphone division to VinGroup, a Vietnamese conglomerate. However, that deal seemingly fell through. LG was one of the earliest adopters of Android with its first device, the LG Eve, launching in 2009. Over the years, it turned many heads with its G and V series of phones, but wasn’t able to sell many devices to stay profitable. Two other early proponents of Android, HTC and Sony, are releasing fewer models every year, and it wouldn’t be surprising if they announce departure from making smartphones as well. So long, LG.
