LG Electronics retired from the smartphone market

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LG Electronics has announced the closure of its mobile division and exit from the smartphone world. The decision approved today by the board of directors, was expected for some time, but not for this causes less stir. The closure of the business will result in LG being the first major smartphone brand to completely withdraw from the market.

It is the first major brand to completely withdraw from the market: the Korean company will focus on components for electric vehicles, smart home, robotics and more.

Despite having made several bold and innovative models, the company has seen its market share decline in seven years: in the first quarter of 2013 (according to Strategy Analytics data) it was in third place, in the third quarter of 2020 it was not even among the top seven in the market (according to Counterpoint) having lost ground to Chinese manufacturers. LG Electronics, which produces not only smartphones but a wide range of technology products, including the most profitable home appliances, in 23 consecutive quarters has totaled losses in the smartphone business of about $ 4.5 billion.

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