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LG is beyond eroticism by pi ching hsu ebookclosing up shop on its mobile phone business, the company announced Sunday.

The decision "will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services," LG said in an official statement.

The news doesn't come as much of a shock — last week, The Korea Times reported the confirmation would be announced on April 5. The outlet's sources claim the choice was made after the company failed to sell its mobile division.

The company did at least attempt to innovate with its smartphone lineup this past year, specifically with its Explorer Project. This was LG's bid to throw unusual smartphone concepts at the wall to see what would stick.

Only two phones came out of that project: the minimalist LG Velvet and the dual-screen LG Wing. At this year's CES, the company also teased a rollable Android phone — which is what it sounds like, a phone with a display that literally rolls up. But a report later claimed the project was put on hold. Now we can see more clearly why that was.

Just because it won't be producing handsets doesn't mean LG is completely stepping out of the smartphone world, however. The company said it will use its mobile expertise to help develop 6G wireless communications, among other smartphone-related technologies.

Regardless, it's not too late to snag an LG phone; the company said that its current lineup will still be available for sale. Meanwhile, customers who already own an LG device will continue to receive support and software updates for a "period of time which will vary by region."

Its smartphone business won't officially shut down until July 31 – and, according to LG, there may be inventory of some of its existing devices even after that.

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