South Korean LG Electronics Inc announced today(5th March 2021) that it will wind down its loss-making mobile division.
Its decision to pull out will leave its 10% share in North America, where it is the No. 3 brands, to be gobbled up by smartphone titans Apple Inc and Samsung Electronics.
The division has logged nearly six years of losses totaling some $4.5 billion, and dropping out of the fiercely competitive sector would allow LG to focus on growth areas such as electric vehicle components, connected devices, and smart homes, it said in a statement.
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