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LG Display changes its mind to discontinue production of LCD panels in Korea
According to TrendForce analysts, in the third quarter of this year, prices for LCD TVs jumped by 30% and threaten to continue this growth. The secret of the phenomenon is simple – the SARS-CoV-2 coronavirus pandemic has dispersed people to their homes to TVs and game consoles. And since there is demand, it is foolish to lag behind with supply. And LG Display dramatically changed plans, although they were going to stop producing LCD panels for TVs in South Korea by the end of the year.
LG Display plant in South Korea’s Phaju, which was due to be shut down this year
As we reported, in January of this year, LG Display’s management announced plans to stop all production of LCD panels for TVs at home. Instead, the company was going to produce displays for “IT”, for cars and for business (trade). But in general, LG Display hatched plans to abandon the release of any liquid crystal panels in favor of OLED. “Chinese manufacturers are pressing,” complained in the South Korean company, and this is so, so the reason to support the relatively expensive production of LCD panels for TVs in South Korea in LG Display was no longer seen.
The pandemic, as we could see, has brought back the demand and prices for LCD TVs. Therefore, yesterday, during the online conference, the responsible persons of LG Display notified the company’s employees and partners that it was decided to extend the production of LCD panels for TVs in the Republic of Korea for at least one more year. Thus, the company intends to continue producing LCD panels in the country until the end of 2021, and maybe further – as the market will dispose of.