Last week, we brought you a piece of news about a circulating rumour on LG wanting to exit the phone business. Well, the company has now put the rumours to rest as it officially confirmed the exit of the smartphone market.
This decision was approved by the board of directors to allow the company to shift its time and resources to other pressing tasks on ground. Of these new directions will be AI, IoT and electronic vehicle components.
What does this mean for existing users and retailers, though?
Well, LG has confirmed that it still has some inventory too and would like to offload that. To keep the minds of users and retailers settled, the company also committed to hardware and software support for existing users and units – but they did not specify a timeframe. What they did say, though, was that the timeframe will vary by region.
As of now, the LG management hopes to complete the phasing out of the mobile division and transition into other areas before July 31. Inventory will still likely be on ground after then, but the company would not be invested in anything smartphone anymore.