LG has had a tough time entering the phone market, so difficult that they now choose to shut down their phones completely.
There are many other things that LG is good at, but phones in particular seem to be a market that has been very difficult to get into. In 2020, they only managed to sell 23 million phones, which is just under two percent if you look at the entire market.
LG has now announced that it will stop developing and manufacturing phones, instead it will invest these resources in other things that benefit them such as smart home gadgets, electric cars, robots, AI development and other areas where LG can influence.
Sad but at the same time understandable, we have many good mobile manufacturers now who do a great job and they obviously continue to sell well as they continue to come with new phones. But you should never say never about LG, who knows if they might make a comeback in a few years.