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LG Display Decides to Halt LCD Panel Production for Korean Market by 2023

LG Display has decided to stop production of liquid crystal display (LCD) TV panels for the Korean market by next year.

The company announced on July 27 that it racked up 5.6 trillion won in sales and 488.3 billion won in operating loss in the second quarter. Its sales descended by 19.5 percent compared to the same period of the previous year, and its earnings swung to a loss for the first time in two years since the second quarter of 2020.

LG Display explained that product shipments fell short of its original target as China extended city lockdowns due to COVID-19.

The company decided to stop producing low-margin LCD panels for the domestic TV market to overcome deteriorating display industry conditions. Its Chinese LCD plant also decided to convert some of its TV panel lines to IT devices. LG Display plans to focus on organic light emitting diode (OLED) panels in the second half of this year.

By BusinessKorea