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Electronics

LG Electronics exits solar panel business on stiff China rivalry

Company turns focus to more profitable EVs and TVs

LG Electronics says it will withdraw from solar panel business as it cannot compete with cheaper Chinese versions in the market.

SEOUL -- LG Electronics said on Thursday that it will withdraw from its solar panel business, having been priced out of the market by Chinese manufacturers jostling for control.

The company will terminate its production and sales by the end of June and relocate its roughly 900 employees. With increasing inexpensive Chinese solar panels hitting the market, the South Korean conglomerate said it would shift to manufacturing more profitable home appliances, TVs and making parts for the automobile sector.

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