Why is LG shutting down its mobile phone business worldwide?

South Korean company LG on Monday called the mobile phone sector "incredibly competitive" and said it would wind down its mobile phone business by July 31. The decision came after LG's mobile phone division's six years of losses totalled around $4.5 billion. LG will now focus on electric vehicle components, smart home devices, robotics, artificial intelligence, B2B solutions and 6G.