After months of rumors, LG has made it official: it will exit the smartphone business on July 31.

The company will liquidate its existing inventory starting today, though it may take until after July to complete. Software support will continue for current handsets, but how long that will last will depend on region. More details are expected to arrive starting as early as tomorrow, but given that it hasn't set the pace on OTAs despite its efforts, we don't expect much.

LG goes on to say in its statement that it will focus on 6G wireless infrastructure and other areas where it can apply mobile-related technologies such as electric vehicle components. No clue on whether it will decide to option off its current projects such as its rollable phone.

The fate of LG's smartphone unit has been up in the air after six years of quarterly losses. A Vietnamese company was reportedly a candidate to buy the division before negotiations broke down.

Other parts of LG's electronics portfolio such as TVs and home appliances remain in place.