LG has announced that it will stop manufacturing and selling smartphones after July 31. At the same time, LG has become the first smartphone company to withdraw from the smartphone market.
According to a statement issued by LG, the company's mobile division has lost 4.5 billion in the last six years and will now focus on electric vehicle devices and smart homes.
In 2013, LG was the third largest smartphone maker in the world after Samsung and Apple, but later LG's flagship models began to face software and hardware issues. According to analysts, the main reason was the lack of experts.
LG currently has only a 2% share of the global smartphone market, according to Counterpoint.
LG sold just 23 million phones last year, compared to its rival Samsung's 256 million.
LG currently has about 10% market share in North America, where it is the third largest company after Apple and Samsung. Like North America, LG has a large share in Latin America and is ranked fifth there.
It should be noted that the total business of LG Electronics is divided into five parts. The mobile division is the smallest.
According to reports, LG was in talks with Vietnam's One Group to sell its smartphone division, but it did not work out.
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