LG now sets sights on vehicle parts, AI

Seoul: Leaving its ill-fated mobile business behind, LG Electronics will zero in on bolstering promising sectors, like vehicle components, connected devices and artificial intelligence (AI), industry observers said on Monday, hoping that the segments will fill the hole left by its money-losing unit.

LG decided to pull out from the mobile phone business after years of dismal performance.

The company’s mobile communications (MC) division has been in the red since the second quarter of 2015, and its accumulated operating losses reached 5 trillion won ($4.4 billion) last year.

Indeed, LG Electronics, which started in 1995, had been one of the top players in the global mobile phone sector, once becoming the world’s third-largest handset maker.