Seoul, May 15 LG Electronics ran its TV manufacturing plant at around 75 per cent in the first quarter, the company said on Monday, amid slowing demand for home entertainment products.
The tech company said in a regulatory filing the rate came in at 75.3 per cent for the three months ending in March, the lowest since March 2015 when the corresponding figure was 68.1 per cent, reports Yonhap news agency. Amazon Web Services, Microsoft Azure, Google Cloud Grow To Capture Major 64% Global Cloud Services Market Share.
LG's TV business made a turnaround in the first quarter, after making losses for the past three consecutive quarters, thanks to improving TV demand in Europe, LG's biggest OLED TV market, and decreasing inventory levels and marketing costs.
Meanwhile, LG operated its manufacturing facilities for electric vehicle (EV) components at a record high of 99 per cent, up from 88.2 per cent in the same period last year. Happay Layoffs: CRED-Owned Expense Management Platform Lays Off 35% of Its Workforce, 160 Employees Asked To Go.
LG's EV business reported an all-time high of 54 billion won (US$40.3 million) in operating profit in the first quarter. It also said the value of orders for its electric vehicle component solutions, such as in-vehicle infotainment systems and headlamps, has reached a cumulative 80 trillion won, amid the explosive growth of electric vehicles.
(The above story first appeared on LatestLY on May 15, 2023 03:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).