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Full press release follows:

LG Electronics Inc. announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today.

LG's 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.

LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.

Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas. Core technologies developed during the two decades of LG's mobile business operations will also be retained and applied to existing and future products.

The wind down of the mobile phone business is expected to be completed by July 31 although inventory of some existing models may still be available after that.
 

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According to this article, LG has stated that the Android 11 update rollout for eligible devices will continue as planned and the Android 12 update might also be provided to some eligible devices.

I got the LG G7 One from Bell for free about 2 years ago on a basic voice and text plan. It was a fairly high-end phone with an $800+ list prices that would have normally required a more expensive data plan, but I think Bell was clearing inventory. It came with Android 8 out of the box and upgraded to Android 9 immediately. Android 10 installed itself around the time it was available on most phones and I got Android 11 last week. I've also been getting monthly security updates and minor Android updates all along. It runs Android One, which is close to pure Android, without a lot of customizations that delay updates.

The phone runs well and has been problem-free and I'm in no hurry to upgrade. I use it as a smartphone a lot, mostly on Wi-Fi and wouldn't have hesitated to consider another LG phone if they were still in business.
 
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