Samsung Display to invest $3.1 billion in OLED production in South Korea
Samsung Display, a unit of Samsung Electronics, plans to invest 4.1 trillion won ($3.14 billion) until 2026 in Asan, South Korea, to manufacture advanced organic light-emitting diode (OLED) display panels used in tablets and computers, the Ministry of Commerce said on Tuesday.
The investment is part of a previously announced plan by Samsung Electronics and its subsidiaries to invest 60.1 trillion won over the next 10 years in areas outside the capital Seoul.
Meanwhile, smartphone sales in South Korea fell 6 percent last year from a year earlier due to the economic downturn, industry data showed Monday.
Samsung Electronics, the world’s leading smartphone maker, saw smartphone sales fall 2 percent in its home country in 2022, while Apple’s iPhone sales fell 0.4 percent from a year ago, market analyst firm Counterpoint Research said on an undisclosed basis. more information on sales volumes.
Sales of other players fell 71 percent from last year, due to LG Electronics exiting the mobile business in 2021.
Samsung Electronics’ Galaxy S22 Ultra was the best-selling smartphone model last year, followed by Galaxy Z Flip 4, Galaxy S22 5G and iPhone 13.
The combined sales of the ten best-selling smartphone models accounted for 46 percent of total sales last year, which is 7 percentage points less than a year earlier.
“Prolonged economic uncertainties will dampen demand for budget smartphones this year,” Counterpoint Research analyst Shin Kyung-hwan said. “Apple’s iPhone 14 Pro and iPhone 14 Pro Max lead the local smartphone market in the first quarter.”
In related news, Samsung India on Tuesday announced that it has partnered with Electronics and Information Technology (MeitY) Startup Hub and Foundation for Innovation and Technology Transfer (FITT), IIT Delhi for the second season of its National Education and Innovation Competition.
Called “Samsung Solve for Tomorrow”, the program invites young people between the ages of 16 and 22 to apply for their innovative ideas on education and learning, environment and sustainability, health and well-being, and diversity and inclusion.
The top three teams will win Rs 1.5 crore to implement their ideas, while other participants who reach the top 30 and top 10 will be awarded at various stages of the programme.
(Credits to IANS and Reuters)
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