LG Display has decided to stop producing LCD TV panels for the Korean market by 2023, according to foreign media reports. LG Display reportedly announced its financial results for the second quarter of 2022, with sales revenue reaching 5.6 trillion won (about 28.84 billion yuan) and operating loss reaching 488.3 billion won (about 2.515 billion yuan) in the second quarter. Sales were down 19.5% year-over-year and earnings declined for the first time in two years since the second quarter of 2020.
LGD said the loss was due to weak demand for TV and IT displays, coupled with supply chain problems and China’s closure policy, and shipments failed to meet targets. The company plans to continue and reduce its LCD TV business and stop producing low-margin LCD panels for the Korean TV market; the Chinese LCD plant has also decided to convert some of its TV panel production lines to IT equipment.
It is reported that the company will focus on OLED TV panels and the automotive market, and will work to develop new markets for transparent and gaming OLEDs.