LG Electronics states that the company will stop production and sales of smartphones after several years of losses.
In 2013, the South Korean technology giant was the third largest mobile phone maker after Samsung and Apple.
In the last six years, however, sales have weakened, and LG has lost an amount equivalent to 4.5 billion US dollars, writes Reuters.
Read also: New app will reward drivers who do not use their mobile phones while driving
LG announced in January that the company was considering all possibilities and tried, among other things, to sell the mobile division to Vingroup in Vietnam. The parties, however, did not agree on the terms of the sale.
It is expected that LG will retain the mobile technology to use it in the company’s other products, such as white goods and components for the automotive industry.
Try for free: Get HBO, Viaplay, Paramount + and many TV channels in one place
Get the latest news delivered to your inbox
Follow us on social media networks