SKorea’s LG to exit loss-making mobile phone business
SEOUL, South Korea (AP) — South Korean electronics maker LG says it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services. LG said in a statement Monday that its board had approved the shift in strategy. It expects to fully exit the mobile phone business by the end of July. LG was once the third-largest mobile phone maker but has lost market share to Chinese and other competitors. The company said it was selling its phone inventory and would continue to provide services and support for various periods of time depending on where they are sold.