Asia Express - Consumer Electronics
LG to Withdraw from Solar Panel Market This June
February 24, 2022

LG recently announced that the company will quit from the global solar panel market this June, following its smartphone withdrawal last year, the Commercial Daily News reported on February 24. The increasing material and logistic costs and severe chip supply shortages, coupled with a brutal price war initiated by Chinese rivals, have brought a significant impact on its solar business. Panel production will continue until the end of June. Instead, the company is to concentrate on new products and services with competitiveness such as energy storage systems and energy management solutions. Despite the closedown of its solar panel business, the company’s other operations in the United States should not be affected. Last March, LG announced its plans to earmark more than US$4.5 billion by the end of 2025 to expand its battery production in the United States.