LG is exiting the smartphone business, the company confirmed today. The decision will “enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services,” LG said in a statement.
The move has been rumored for several months, following the division’s huge losses over the past five years. Once considered a rival to fellow South Korean manufacturer Samsung, LG’s recent high-end smartphones have struggled to compete, while its more affordable handsets have faced stiff competition from Chinese rivals. The company had previously said it hoped to make its smartphone division profitable…