There’s a lot of demand for smartphone OLED displays on the market. That’s why LG Display has decided to invest 4 trillion won (around $3.5 billion) to set up a new production plant called P10, which will help it increase the production capacity of OLED panels.
The report comes via The Investor and claims that the new plant will be up and running in the second quarter of 2018. Additionally, LG Display also plans on increasing the production of OLED displays at its two current plants, the E5 and E6.
By 2019, the company’s production capacity is expected to be around 120,000 units per month. LG Display will still be way behind the market leader Samsung, which can produce twice as many OLED displays every month. The tech giant is currently by far the biggest player in the industry with a market share of more than 95 percent.
Samsung’s dominance might change over the next few years as LG Display, as well as a few other companies, will increase the production of OLED panels to keep up with the demand. LG is rumored to ink a deal with Apple to supply it with OLED displays for the upcoming iPhone and has been in talks with Google regarding a possible investment.