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LG Electronics is set to reinvent its brand by achieving sales of $77 billion by 2030, evolving from a traditional home appliance maker to a leader in smart life solutions. CEO Cho Joo-wan announced ambitious plans to invest significantly in non-hardware products, B2B solutions, and new growth areas like digital healthcare and robotics.
To accomplish this, LG plans to increase the proportion of three key sectors - non-hardware products, B2B solutions, and new growth areas - to make up 50 percent of its business portfolio by 2030. The company is prepared to invest more than 50 trillion won to achieve this goal, with 25 trillion won allotted for research and development, 17 trillion won for infrastructure, and 7 trillion won for strategic investments over the next eight years.
While continuing to focus on non-hardware products like smart home solutions and webOS, LG will also prioritize expanding its B2B solutions, including its electric vehicle (EV) parts business. Additionally, the company aims to establish a stronger presence in new growth areas such as digital healthcare, robotics, and electric charging stations.
LG has exited the smartphone and solar panel businesses and redirected its resources toward EV components, connected devices, smart homes, robotics, and artificial intelligence (AI). Its EV parts business, which saw a turnaround in the fourth quarter of last year, generated 8.6 trillion won in sales and is expected to achieve sales of 10 trillion won this year. LG's 2030 sales target includes a ratio of 5:3:2 for in-vehicle infotainment systems, e-powertrain, and headlamps.
Looking ahead, LG plans to enter the overseas EV charging market, starting with North America next year, and aims to establish new manufacturing facilities in the near future. The company began developing EV charging solutions in 2018 and formed a dedicated division for overseas EV business in November of last year.
In addition to its strategic growth plans, LG recently launched a new brand campaign to better connect with changing consumer preferences and market conditions. Through cost reduction efforts and portfolio restructuring, LG intends to actively address global financial challenges and focus on its core businesses.
With these initiatives, LG Electronics is poised to embrace the future and deliver innovative solutions in the smart life industry.
Photo: LG Newsroom
