LG Electronics retreats from its smartphone business

LG is getting out of the "incredibly competitive" business of making smartphones.

On Monday, the South Korean tech giant announced that it would close down its mobile phone unit after years of losses, marking the end of an era for a trailblazer in the Android world.

The division is expected to be wound down by July 31, although the company may continue to sell some of its existing models after that, according to LG Electronics.

The "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," the company said in a statement.

LG was once one of the world's top smartphone makers, even making the top three back in 2013,