The schedule for the Gen 8.6 LCD line Truly is building in Renshou, Sichuan, is slipping. Foundation work for the Truly 8.6G fab building is complete, and roofing work is expected to be completed in Q1 2027. Equipment move-in has been pushed back to Q3 2027, with the start of mass production delayed to Q1 2028.
Truly’s 8.6G project comprises five lines: three array lines and two color filter (CF) lines. It will produce LCD panels for IT and automotive applications with a capacity of 15,000 motherglass substrates per month. This represents the first phase of investment in the previously announced 8.6G line with capacity of 50,000 substrates per month. Canon has been selected for exposure equipment, while suppliers for all other equipment remain undecided. Securing exposure tools first is standard practice because they have the longest lead times. However, with less than a year left before equipment move-in, the fact that none of the other equipment has been selected means the schedule is tight.
Truly’s mass-production target is also optimistic. At Tianma’s TM19 8.6G LCD line, which produces panels for the same applications, the first exposure tool was brought in on December 29, 2023. The line achieved light-up in June 2024 and shipped its first mass-produced panels that November. This was about 11 months from equipment move-in to mass-production shipments. Despite having no experience with higher-generation lines, Truly is targeting no more than six months for the same interval, and industry observers consider further delays likely.
Financial constraints are making it difficult for Truly to accelerate investment. In H1 2026, revenue fell 14.1% year on year to HKD 6.96 billion, while net profit declined 27.7% to HKD 102 million. Net borrowings rose 11.2% from the start of the year, and the debt ratio increased from 52% to 56%. Nevertheless, Truly is continuing the investment because its business focus is shifting: smartphone-related revenue fell 36.6%, while revenue from automotive, industrial, medical and IoT applications rose 2.1%. Achieving cost competitiveness in medium- and large-size automotive and IT panels is difficult with its mainstay Gen 5 (1,100 × 1,300 mm) line alone. The 8.6G line’s first phase, at 15,000 substrates per month, would add about 47% to the area capacity provided by the Renshou Gen 5 line (around 130,000 substrates per month). Yet its monthly substrate capacity is only one-eighth that of Tianma TM19, which has capacity of 120,000 substrates per month and focuses on automotive and IT panels. As Gen 8.6 OLED captures the high-end IT market, Truly’s utilization from 2028 onward will ultimately depend on securing automotive customers.