LG will close South Korea's LCD TV panel production line at the end of this year and switch to Chinese production

by:Kimeery     2021-06-05

On January 7th, according to Korean media reports, LG Display CEO Jeong Ho-young said in an interview today that due to falling LCD prices and global oversupply, they will stop domestic LCD TV panels at the end of this year. produce.

In fact, before stopping domestic LCD TV production, LG Display had already cut expenses last year, replaced EO, and initiated a voluntary layoff plan. The new CEO Jeong Ho-Young said during the CES exhibition today: 'We will end LCD TV production in Korea before the end of this year, and then focus on LCD TV production in China.'

The current status of the LCD field is , The oversupply of production capacity has caused the corresponding products to be unable to sell at all prices. At the same time, the technology threshold is getting lower and lower. This has caused companies such as LG and Samsung to start to close the corresponding LCD product lines and start to invest more energy in LCD for Samsung and other new display areas.

LG Display’s competitor Samsung Display said in October last year that it had suspended one of its LCD production lines in South Korea.

In the third quarter of last year, the LCD TV business accounted for 32% of LG’s revenue, down from 41% in the previous quarter, mainly due to the decline in LCD TV panel shipments. From January to October last year, LG Display lost money for three consecutive quarters. But CEO Jeong Ho-Young said that the company's performance is expected to 'further improve' in the second half of this year.

While terminating domestic LCD TV production, LG Display’s goal is to shift its focus to organic light-emitting diode (OLED) technology. LG Display predicts that new technologies will account for 50% of the company's revenue by 2021, up from about 30% in 2018.

Jeong Ho-Young said: “We plan to build a system for mass production of LCD for Samsung products at our Chinese factory by the end of the first quarter of this year.” He also said that LG Display does not plan to expand the Korean LCD TV production line. Used in the production of LCD for Samsung panels.

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