South Korean electronics manufacturer LG says it’s becoming from its loss-making Cell Phone company to Concentrate on electric vehicle parts, robotics, artificial intelligence and other services and products

SEOUL, South Korea — South Korean electronics manufacturer LG said Monday it’s becoming from its loss-making cell phone company to concentrate on electric vehicle parts, robotics, artificial intelligence and other services and products.

LG’s board declared the shift in plan and the company hopes to fully exit the cell phone company by the end of July, it said in an announcement.

It was No. 3 in North America, using a 13% market share behind Apple’s 39 percent and Samsung’s 30 percent as of their third-quarter of 2020, based on Counterpoint Tech Market Research.

LG previously said it was analyzing its own plan since it reported that its earnings increased 5% from a year earlier at the previous quarter of 2020 but sustainability decreased do to slow sales of high quality products.

The business said that it was selling its own telephone inventory and could continue to provide support and services for a variety of intervals based on where they’re sold.

Details associated with tasks would be determined”in the neighborhood level,” it stated.

The organization’s shares fell 2.5percent on Monday.