According to Reuters, South Korea's display panel maker LG Display said on Tuesday that the company's plan to build a new OLED panel factory in China has been approved by the Chinese government.
It is understood that the new plant will be built through a joint venture, investing 2.6 trillion won ($2.33 billion) and LG Display holding 70%.
In December 2017, the Korean Ministry of Trade approved the plan to build LG Display in China.
LG Display said in a statement that once the new Guangzhou plant begins mass production in the second half of next year, the output of large OLED panels will double from the current 60,000 to 130,000.
LG Display said its large-size OLED production in China will help to better cope with the growing demand for TV screens, such as China's fast-growing TV market.
LG Display is the world's largest manufacturer of LCD TV panels, and almost all large-size OLED TV panels in the world are manufactured by it.
