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LG Electronics to close its smartphone business

FILE PHOTO -  A show attendee passes by the LG Electronics booth during the 2009 International Consumer Electronics Show (CES) in Las Vegas, Nevada, January 9, 2009.   REUTERS/Steve Marcus/File Photo (REUTERS)Premium
FILE PHOTO - A show attendee passes by the LG Electronics booth during the 2009 International Consumer Electronics Show (CES) in Las Vegas, Nevada, January 9, 2009. REUTERS/Steve Marcus/File Photo (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.

LG Electronics 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 due to intensified competition and continued losses, it said in a statement.

The company said in January that it would review the direction of its smartphone business, having earlier that month promised it would sell a rollable phone this year.

LG has been expanding its vehicle components business and partnered with Magna International Inc. for a joint venture to make key parts for EVs.

"Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas," it said in a statement.

The company further added that core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products.

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