LG has announced that its manufacturing arm — LG Display of Seoul, South Korea — is doubling down on OLED technology and “stepping up its efforts to…advance the OLED era.”
Noting a sharp increase in the demand for OLED displays, the company is investing $2.5 billion in a new Gen 10.5 OLED production facility in Paju, Korea to “aggressively expand” its ability to produce the large (116 x 133 inch) panels used to make big-screen OLED TVs.
The move isn’t too surprising considering LG is the only company currently making OLED TV displays (for its own brand and other brands).
The plan is to focus on producing screens 65 inches and up, starting with a monthly production of up to 30,000 OLED sheets in the first half of 2022 and adding an additional 15,000 sheets a month by mid-2023.
The move follows investments of more than $4 billion in OLED production made in 2015-2017.
“LG Display expects to solidify its competitiveness in the supersized TV market once it completes its Gen 10.5 OLED production facility,” the company said in a press statement. “In addition, it will continue to lead the existing TV market with differentiated OLED products, such as wallpaper OLED, Crystal Sound OLED, and rollable OLED [as well as] create a new market by expanding applications that can use OLED panels.”
The company said it plans to strategically operate the new Gen 10.5 OLED production alongside existing OLED production lines to “improve efficiency and maximize profitability.”