LG shuts down it's Smartphone business here is what will happen to existing customers

 LG today announced that it is quitting the Smartphone business. In a statement, the Company said that the decision to shutter it's loss making mobile division will enable it to focus "resources in growth areas". These growth areas for LG include smart home products, robotics, artificial intelligence, connected home devices and other electronic home appliances.

Highlights- 

1)LG has confirmed that it is closing down it's mobile phone business.

2)LG will sell smartphone until their inventory runs out.

3)LG will provide software updates and services to their customers for a period which will vary by Customers location.

4)LG Smartphone business was in loss for almost 6 years.

The existing LG phones the Wing, the Velvet , the Q series, K series, W series will sell until the inventory last.  LG said that it will provide software updates and service support for its existing mobile phone customers.

LG said that it will down the entire mobile phone business by July 31. But if there is inventory left the phones will continue to sell after that. It will be good for the existing LG customers if LG provide it's services and software updates for their existing customers.

For about 6 years LG Smartphone business was making loss. LG tried hard to compete with Samsung and other Chinese rivals and came with some nice phones like LG velvet but LG was not able to bring Smartphones with good Specifications at the mid range Segment under Rs 20000. This was one of the reason why LG started making Loss.  So this segment need to be considered very important for any Smartphone Company.

There is no information about any layoffs due to closure of Smartphone business. The employees may be shifted to other departments.

Their Q series and W series mid range phone's  didn't offer Specifications which their Chinese rivals like MI, Realme and Samsung Galaxy M series were providing at a  cheaper price.