LG Cuts OLED TV Prices with Eye on Bigger Market Share

LG Electronics has slashed the prices of its OLED TVs in a bid to claim a bigger slice of the market segment. OLED TVs are thinner and have higher definition than LCD TVs but are considerably more expensive.

LG said on Thursday that its 55-inch OLED TVs would be sold for W3.8 million until the end of this month. This is the first time LG has priced the product below W4 million since introducing it with a price tag of W6.8 million in 2014. LCD TVs with a 55-inch display are available for W2.89 million (US$1=W1,188).

When they were first launched, OLED TVs cost almost W15 million due to low production efficiency. But the price has come down steadily thanks to technological advances and larger-scale production.

LG plans to cut the price of OLED TVs to 1.2 times the price of its LCD TVs this year.