One-time pioneer LG Electronics to close smartphone business

LG was one of the pioneers of the Android operating system, collaborating with Alphabet Inc’s Google on the Nexus smartphone line and producing some of the best camera and display technology in the category’s early days. — Reuters

LG Electronics Inc is shutting down its loss-making mobile communications unit in a move to streamline operations and focus on future projects such as electric vehicle components.

The company will end production and sales of mobile phone products on July 31 to focus resources on growth areas including EVs, smart homes, robotics and artificial intelligence, it said in a statement. Phones constituted 8.2% of LG sales last year and there will be a short-term loss of revenue but the company expects the closure to be financially favourable in the long run. It’ll strengthen its car-parts business and continue to develop mobile technologies such as sixth-generation networking and cameras, it said.