To reach $79 billion in sales by 2030, LG anticipates spending $39.5 billion.
LG Electronics has announced its plans to invest $39.5 billion in research and development, facilities, and strategic investments as part of its goal to achieve $79 billion in sales by 2030, up from $51.4 billion in 2022. The company aims to transform itself from a leading global home appliance brand to a “smart life solution company” that can enhance customer experiences and generate global annual revenues of KRW 100 trillion by 2030.
LG intends to double its sales in the heating, ventilation, and air conditioning (HVAC) business and become a top-tier comprehensive air conditioning company globally. CEO William Cho emphasized the company’s vision to connect and expand customers’ various spaces and experiences, and to establish a brand-new LG by reinventing its work processes and communication methods.
Life Good TV business is expected to undergo a significant transformation based on its webOS operating system, which powers over 200 million smart TVs worldwide. The company plans to invest over KRW 1 trillion over five years to strengthen the competitiveness of its content and drive the growth of its Channels, an advertising-based free broadcast platform.
In recent years, it has exited its mobile phone and solar panel businesses to focus on future high-growth areas. Moving forward, the company aims to concentrate on new businesses with high growth potential and accelerate its development in those areas. LG is also continuing its strategic investment in digital healthcare and aims to provide integrated solutions in the electric vehicle (EV) charging sector.
CEO Cho highlighted three key areas of focus for LG: transitioning to a platform-based service business model, accelerating business-to-business (B2B) areas, and acquiring new growth engines based on their competitive advantages. By 2030, it expects these three pillars to account for more than 50% of sales and operating profit.
Overall, LG Electronics is striving to evolve into a comprehensive smart life solution company, leveraging its strengths and investments to deliver enhanced customer experiences and drive growth in various sectors.
