LG, formerly one of the major players in the smartphone industry with popular products such as the LG Prada and LG G3, stopped its mobile phone business in 2021. This decision was made due to increasingly fierce competition from giants like Apple and Samsung in the premium segment, as well as Chinese manufacturers offering more affordable prices in the entry-level segment. LG smartphone sales continued to decline, resulting in significant losses for the mobile division for almost six consecutive years. LG then chose to focus on businesses with better prospects such as electric vehicle components, smart devices, robotics, and artificial intelligence. This strategy has proven successful, with LG's electric vehicle component division recording a very high order backlog and the B2B business contributing a large portion of the company's revenue.
