LG Electronics Inc. (KRX: 066570) has announced its withdrawal from the mobile phone industry, with plans to completely exit the sector by July 31. What Happened: In a press statement, the Seoul-headquartered LG stated that its "strategic decision to exit the incredibly competitive mobile phone sector 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."