LG, once one of the top makers of smartphones in the world is exiting the business after years of losses.
The South Korean tech giant announced that it would close down its mobile phone unit.
The “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,” the company said in a statement.
LG’s devices have dwlindled drastically in popularity over the years. Once in the top three of the world’s top smartphone makers, as of last year, it wasn’t even in the top seven.
According to CNN, it’s leaving only ‘small vacuum’ of global market share of under 2 per cent.