Electronics giant LG plans to stop making smartphones after struggling for years to compete in a market where it was once a leading player.
LG says the decision will allow it to pour resources into other “growth” businesses, such as smart homes, robotics, artificial intelligence and electric-vehicle parts.
The latter gadget now appears unlikely to ever hit stores, but LG said the inventory of some existing models may be available after its smartphone unit is wound down. The company will also provide software updates and service support for existing products for a certain amount of time that will vary by region, according to a news release.
“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 company said.
The company was the world’s third-largest smartphone manufacturer behind Samsung and Apple at the height of its success in 2013. But its leading models suffered from hardware and software struggles in more recent years.
LG only shipped 23 million phones last year, compared to Samsung’s 256 million, according to industry research firm Counterpoint.
Category: Technology
Source: New York Post
