LG Display, which is retreating from the LCD market, is looking to shift its focus to automotive displays, with orders said to be close to Won10tn this year.

Recently, Business Korea reported that LG Display, a panel maker owned by LG, is accelerating the abandonment of its LCD panel business in a bid to improve their profit margins. Their Paju P7 plant, which produces LCD panels for TVS, will stop producing LCD panels within the year.

In addition to stopping LCD panel production at its P7 plant in Paju, LG Display also plans to cut LCD TV panel production at its Guangzhou plant by 40 percent, foreign media said.

Cutting production of LCD panels for TVS means LG Display will strengthen its other panel businesses. Foreign media have raised reports that LG Display is looking to shift its focus to automotive panels.

According to global market research firm Omdia, LG has shown a clear lead in automotive OLED panels, with a 91 percent share in the second quarter of this year, ranking first.

Meanwhile, according to industry sources, LG Display continues to lose money due to the sluggish display market, but its automotive electronics business is performing well, with related orders approaching 10 trillion won this year.

With the advent of the self-driving car era, the demand for OLED panels in cars will also increase significantly in the coming years, and the demand for high-resolution large-size OLED displays for various entertainment in cars will increase. According to the report of the research institute, the size of OLED display market for automobiles will reach 680 billion won by 2025 from 56 billion won in 2020, with an increase of more than 1,000%.

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