LG Electronics exits smartphone business

LG, which had been making mobile phones for about a quarter of a century, ultimately fell behind rivals Apple and Samsung Electronics, in part due to lackluster marketing and slow software updates. Its smartphone division logged nearly six years of losses, totaling roughly $4.5 billion by the end of last year.

The decision has already been approved by the corporation's board of directors, which decided that the company will focus on areas such as parts used to build electric vehicles, smart…