LG To Shut Its Smartphone Manufacturing Vertical; Cites Heavy Loss

South Korea-based electronic giant LG on April 5 announced its departure from the smartphone market, citing heavy loss. The company had earlier revealed of suffering $4.5 billion loss in the past six years. Interestingly, in the smartphone market, now led by Apple and Samsung, LG had become the third-largest player in 2013 due to its innovations. With the exit, LG aims to focus on electric vehicles, artificial intelligence and smart-homes.