LG just announced the South Korean tech giant will close its mobile business unit, which was approved by its boar of directors (BoD).

In their official announcement, LG made the decision to exit the smartphone business because it’s been an “incredibly competitive mobile phone sector” and that it “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 is expected to complete its “exit” the smartphone business by July 31st.

In a follow-up announcement, LG will support “all premium LG smartphones currently in use will receive up to three iterations of Android operating system updates from the year of purchase.” which means that all LG premium phones released in 2019 and later (G series, V series, VELVET, Wing) while certain 2020 models such as LG Stylo and K series will receive two OS updates.

The company will still manufacture smartphone phones through the second quarter to meet contractual obligations to carriers and partners.