LG to slash OLED prices to push tech

lg-55-inch-oled-tvLG Electronics is going to slash the price of OLED TVs almost in half before Christmas in a bid to make the TV technology mainstream.

OLED is considered good technology but not made in enough quantities to bring the price down enough to interest the great unwashed.

LG has invested billions in OLED displays to rebuild profit decimated by Chinese competition in the liquid crystal display (LCD) TV market.

OLED screens deliver better picture quality, consume less electricity and promise wider profit margins than LCDs.

LG Electronics said production improvements allowed it to cut prices of six models in the world’s biggest TV market by as much as 45 percent from last month, without crimping margins. Two are now below $2,000, a fraction of the $14,999 of LG’s first OLED TV in 2013.

LG wants OLED to raise profitability in a saturated TV market plagued by sluggish demand and shrinking margins for LCD sets.

OLED is used mainly in smartphones and wearable devices, as production becomes complex as sizes increase. LG Display has spent $8.64 billion through 2018 mainly to develop OLED and is considering building a third manufacturing line for TV-sized OLED screens.

Japan’s Panasonic launched its first OLED TV, in Europe, for $10,791.00. Wall Street believes that decent sales volumes remain years away as LG is the only one committing significant resources to the technology.

LG said US sales are already growing after price cuts and promotions for OLED TVs that began on October 8.