LG has officially quit making phones – here's what's next - 2017 Top Social Media Auto Landing Page

LG has official quit making phones today, according to an official press release, so we won't see new LG smartphones in 2021. This announcement it's going to surprise anyone in the mobile space; it has been rumored for several weeks.

This means two things. First, we won't see phones like the rumored LG V70 ThinQ, LG G10 or LG Velvet 2, as the company is closing its entire mobile business unit. LG calls it a "strategic decision to exit the incredibly competitive mobile phone sector."

Second, LG says this means it'll be free to focus resources on growth areas, citing a whole list of sectors where its brand is better positioned: "electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services."

In the statement, LG reveals it'll "leverage its mobile expertise and develop mobility-related technologies such as 6G" just as most people are getting 5G phones.

What will happen to current LG phones?

The good news is that if you own an LG V60 or LG Velvet – or want to buy one – you'll be covered. Both current LG phone inventory will remain on sale, and service support and software updates will continue for existing LG phone customers.

LG says the wind down of its mobile phone business is expected to be completed by July 31, although you'll probably still be able to buy an LG phone after that date.

Take a look back at 5 truly wild LG phone innovations – and why they failed. It was a company that often pushed the envelope of smartphones – better selfie cameras (LG V10), a focus on ultra-wide camera before many others (LG G6) and innovative video camera controls (LG V30).

But it didn't always go in the right direction to connect with customers – modular phones (LG G5), flexible displays (LG G Flex 2), leather backs (LG G4), gimmicky motion sensors (LG G8), and dual screens (LG G8X) .

It also never had the competitive strength to offer better prices at the carrier level in key regions like the US, when Samsung and Apple consistently beat it on deals.