The South Korean tech giant has lost around $4.5billion over the past six years as it tried to stay relevant in the competitive phone industry.LG said in a statement: "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 and artificial intelligence.
In 2020, LG shipped 28 million smartphones while rival Samsung is said to have shipped over 250 million.It's the second best-selling TV brand across the globe and is a strong competitor with Samsung in this area. LG will continue to sell and make home appliances and work on its joint venture with Magna International to make electric car parts.The LG Rollable was revealed at the start of 2021 but is not expected to be released nowThe company will still provide software updates and support for existing customers for varying periods that depend on customer location.LG won't be creating or launching any new smartphones but some of the current LG range of phones will still be avaliable to buy.
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