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LG Electronics' TV factory runs at 75% capacity amid slow demand

IANS | May 15, 2023 04:05 PM

SEOUL: LG Electronics ran its TV manufacturing plant at around 75 per cent in the first quarter, the company said on Monday, amid slowing demand for home entertainment products.

The tech company said in a regulatory filing the rate came in at 75.3 percent for the three months ending in March, the lowest since March 2015 when the corresponding figure was 68.1 percent, reports Yonhap news agency.

LG's TV business made a turnaround in the first quarter, after making losses for the past three consecutive quarters, thanks to improving TV demand in Europe, LG's biggest OLED TV market, and decreasing inventory levels and marketing costs.

Meanwhile, LG operated its manufacturing facilities for electric vehicle (EV) components at a record high of 99 per cent, up from 88.2 per cent in the same period last year.

LG's EV business reported an all-time high of 54 billion won (US$40.3 million) in operating profit in the first quarter.

It also said the value of orders for its electric vehicle component solutions, such as in-vehicle infotainment systems and headlamps, has reached a cumulative 80 trillion won, amid the explosive growth of electric vehicles.

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