South Korean electronics company LG announced Monday that they're closing its mobile business unit.

LG said they plan to shut down the "incredibly competitive mobile phone sector" by July 31.

The company added they plan to use their expertise to develop certain mobile-related technologies such as 6G.

They also plan to focus on electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, and business-to-business solutions.

According to The Associated Press, LG was once the third-largest mobile phone maker.

The Verge reported that over the last five years, the company has lost around $4.5 billion.