LG started its solar panel business in 2010 with an emphasis on higher-efficiency premium modules, reports the Korean Herald, but competition with Chinese rivals and their lower prices has seen profits dwindle. Sales have declined from 1.1 trillion won ($922 million) in 2019 to 800 billion won in 2020 as its global market share hovered around 1% for years.
The decision to stop producing solar panels followed a board meeting yesterday. Production will start to wind down next month, and LG will stop making panels and modules by June 30.
