LG predicts fall in LCD TV prices due to competition with Chinese

Lim Chang-won Reporter Posted : 2018-01-25 18:12 Updated : 2018-01-25 18:12
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[Courtesy of LG Electronics]

SEOUL, Jan. 25 (Aju News) -- LG Electronics predicted a fall in LCD TV prices this year, especially in 60-inch models, due to competition with Chinese rivals which embarked on the mass-production of flat panel TVs in the second half of last year.

LG vowed to step up the production of organic light-emitting diode (OLED) TVs, saying its OLED TV shipment would reach about five million units by 2020. LG focused OLED technology while domestic rival Samsung developed quantum-dot technology for high-end liquid crystal display (LCD) panels.

LG's washing machine plant in Tennessee was to be completed by the first quarter of 2019, but the company said Thursday that it would try to open it in the third quarter or fourth quarter of this year due to U.S. safeguard measures on imports of washing machines.

At a conference call, LG said U.S measures would not seriously affect overall sales because many finished goods are in stock.

LG's full-year net profit in 2017 soared to 1.87 trillion won. Operating profit jumped 84.5 percent on-year to 2.47 trillion won on sales of 61.39 trillion won, up 11 percent from a year ago. However, the company's smartphone division was still in the red.

In November last year, Cho Jun-ho stepped down as president of LG's mobile communications division, taking responsibility for poor sales of mobile devices including G6 and V30 smartphones. LG said its new flagship smartphone would be unveiled in the first half of this year with better camera, audio and AI features.