LG Electronics, a South Korean company, has unveiled its future strategy, aiming to achieve KRW 100 trillion (approximately Rs. 6,33,791 crore) in sales by 2030. To accomplish this, LG plans to double its revenue to KRW 20 trillion (approximately Rs. 1,27,595 crore) by 2030, positioning themselves as a global top 10 company in vehicle components. Additionally, LG will focus on strengthening their home appliance and TV businesses by enhancing service platforms that generate recurring profits, including media subscriptions and rentals.
During a press conference, CEO William Cho emphasized LG’s commitment to transforming its business portfolio by evolving into a service-oriented company and expanding into new markets such as electric vehicle charging and digital healthcare. Recognizing the importance of growth opportunities, LG aims to pursue inorganic growth through joint ventures, mergers, and acquisitions.
By 2030, LG envisions achieving an operating profit margin of 7 percent. In 2022, LG reported consolidated sales of about KRW 65 trillion (approximately Rs. 4,14,761 crore), excluding affiliate LG Innotek. The company anticipates its rapidly expanding Vehicle Component Solutions division, which includes infotainment systems and lamps, to witness significant growth, with the order backlog expected to approach KRW 100 trillion (approximately Rs. 6,38,323 crore) by the end of the year.
Notably, LG Electronics recently estimated a 12.7 percent year-on-year increase in its second-quarter operating profit, amounting to KRW 892.7 billion (approximately Rs. 5,697 crore). This marks the second-highest April-June quarter profit in the company’s history, with the highest recorded in 2021.
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