LG said on Monday it will close its loss-making mobile phone business worldwide as the once pioneer brand looks to focus its resources in “growth areas” such as electric vehicle components, connected devices, smart homes, robotics, AI and B2B solutions, and platforms and services.
The South Korean firm said in a statement that its board of directors approved the decision today. The unsurprising move follows the company’s statement from January when it said it was reviewing the direction of its smartphone business.
LG, which maintained No. 3 spot in the smartphone market in the U.S. for a long …
