Explanation

South Korean electronics manufacturer LG has decided to wind down its mobile phones unit after admitting defeat in the global smartphone market. LG said on Monday it had made a “strategic decision to exit the incredibly competitive mobile phone sector” to focus on growing businesses such as supplying electric car parts. It will wind down its mobile phone business by 31 July, although it said it may continue to sell phones after that point. Users of LG phones will receive service support and software updates “for a period of time which will vary by region”, it said.