<p>SEOUL, South Korea — South Korean electronics maker LG said Monday it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services. </p>
<p>LG’s board approved the shift in strategy and the company expects to fully exit the mobile phone business by the end of July, it said in a statement. </p>
<p>LG was once the third-largest mobile phone maker but has lost market share to Chinese and other competitors. </p>
<p>It was still No. 3 in North America, with a 13% market share behind Apple’s 39% and Samsung’s 30% as of the third-quarter of 2020, according to Counterpoint Technology Market Research. </p>
<p>LG earlier said it was assessing its strategy as it reported that its sales rose 5% from a year earlier in the last quarter of 2020 but profitability declined do to sluggish sales of premium products. </p>
<p>The company said it was selling its phone inventory and would continue to provide services and support for various periods of time depending on where they are sold. </p>
<p>Details related to jobs would be decided “at the local level," it said. </p>
<p>The company’s shares fell 2.5% on Monday. </p>
