LG announced that it is closing its mobile business unit

The latest smartphone releases have been a failure.

LG is exiting the smartphone business, the company confirmed. The decision will “enable the company to focus resources in growth areas such as electric vehicle components, smart homes, robotics, connected devices, artificial intelligence and business-to-business solutions, as well as platforms and services,” LG said in a statement.

Existing phones will remain on sale, and LG says it’ll continue to support its products “for a period of time which will vary by region.” LG says it expects to have completed the business’ closure by the end of July this year.

Despite its CEO's pledge to turn around its fortunes by 2021, both LG's Velvet and Wing devices failed to gain traction with the public. The lure of dual-screen phones was clearly not enough to prompt consumers to part ways with dominant players Apple and Samsung. While the litany of affordable flagships from the likes of OnePlus and Xiaomi continued to chip away at what remained of its market share.

By December, the writing was on the wall for the Korean electronics giant. With its stake in the global phone market down to a paltry 1.7 percent, LG announced it would outsource the designs of more of its low- and mid-range handsets to third-parties. Just months earlier, it had attempted to crack the cheap 5G phone arena with the $400 K92.