LG exits solar module business
Korean electronics manufacturer LG announced that it will close its solar module business by the end of June.
“The decision comes as uncertainties in the global solar panel business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials,” the company said in a statement. “LG will continue to stand behind its brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support.”
According to the company, the employees working at the PV unit, which is part of the company’s Business Solutions (BS) division, will be offered transition support and severance packages commensurate with their tenure with the company.
In its latest financial results, LG reported a slight increase in revenue for the BS division despite the “sluggish performance” of its solar module business.
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[…] ha hecho Nordex en la Vall d’Uixó. En cuanto a la fotovoltaica, la noticia más sonada es el completo abandono del sector por parte de LG. La situación de cada una de esas empresas responde a causas diferentes, pero en todos los casos […]
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[…] ha hecho Nordex en la Vall d’Uixó. En cuanto a la fotovoltaica, la noticia más sonada es el completo abandono del sector por parte de LG. La situación de cada una de esas empresas responde a causas diferentes, pero en todos los casos […]
I believe this to be of a short sighted move. The demand curve is going up with absolutely no downward pressure in foreseeable future. There is still room for insane ROI sometime in the next decade. LG would be smart to at least keep their powder dry.
[…] Source: PV-Magazine […]
[…] Un artículo de pv magazine Global […]
[…] “Korean electronics manufacturer LG announced that it will close its solar module business by the end of June. “The decision comes as uncertainties in the global solar panel business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials,” the company said in a statement. “LG will continue to stand behind its brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support.”” https://www.pv-magazine.com/2022/02/23/lg-exits-solar-module-business/ […]
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