LG, once considered a major innovator, is calling it quits in the smartphone game. The company lagged far behind major players like Samsung and Apple. Their smartphone business has lost money for many years.
The company was scheduled to release a phone with roll-out flexible screen later this year, but that now seems unlikely to happen.
The South Korean company said it planned to focus on electric vehicle components, connected devices, smart homes, robotics, and artificial intelligence.
LG said it planned to provide service support and software updates for current users of its products for an unspecified period of time. The company’s latest release was the LG W41 Pro in February of this year. Recent numbers show LG with about 9% of the smartphone market in the U.S.