LG Electronics will no longer develop smartphones due to the competitive production market and lackluster financial situations, the company announced.
"LG's strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, and artificial intelligence," it mentioned in a statement.
LG phones accounting for just 7.4% of the company's total revenue whereas its global mobile market share is approximately 2%.
In 2013, the company was the third-largest smartphone maker in different regions as the company was able to come up with some of the innovative features of the time like the ultra-wide angle.
But there were complaints of hardware and software issues in the LG phones.