The LG mobile Electronics company is set to exit mobile phone business. According to the statement, the board of the company has approved the exit. The South Korean company has decided to leave the already competitive mobile phones production business in order to mobilize all the resources and attention to other ventures.
There have been rumors of LG quitting the mobile production industry weeks before it specifically announced it. The company has been struggling to survive in the mobile phone sector due to rising competition from old and new companies. At last the company has decided since it is not getting much profit as it desires then it will quit the business and focus on other ventures. According to the the official statement, the company will focus on ventures such as Artificial intelligence, electric vehicle components, connected devices, smart homes, robotics, as well as other services.
But the company has promised to continue to provide software update and assistance to those that already have their mobile phones.
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