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By News Reporter
Company Pushes Boundaries With Innovative Business Models
While Balancing Core Operations and Future Growth to Create New Opportunities
SEOUL, April 25, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.
Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG’s emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.
Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG’s strong performance in the face of intensifying market competition. The company’s focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.
The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company’s history, with an operating profit margin of 10.9 percent, underscoring the company’s exceptional global competitiveness.
Driven by its core technologies, particularly in motors and compressors, LG’s home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of ‘Affectionate Intelligence’ appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.
The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.
While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.
The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.
Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG’s strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.
The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.
This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on April 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
Company Achieves Record-breaking
First-Quarter Revenues by Surpassing Boundaries Once Again
SEOUL, Apr. 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2024, reporting a consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion.
The company marks the highest first-quarter revenue in its history. The implementation of innovative business models such as subscriptions, along with the expansion of B2B operations, have proven to be crucial in overcoming challenges like the delayed recovery of market demand. From a product perspective, LG’s strategy to enhance the product range and price coverage of volume zone lineups, in response to market demand polarization, has demonstrated significant effectiveness. This strategy, combined with the company’s dedication to sustaining strong competitiveness in the premium market by emphasizing unique factors like AI, has played a substantial role in achieving the impressive figure.
The first-quarter operating profit has surpassed KRW 1 trillion for the fifth consecutive year since 2020. The company’s content and service business, which leverages its hundreds of millions of devices distributed globally as a platform, along with D2C sales, are driving qualitative growth and enhancing the contribution to the company’s operating profit. Measures such as resource allocation, stabilization of raw material and logistics costs and ensuring the flexibility of the global production operation system have also played a part in maintaining stable profitability.
In the home appliance & air solution business, new products like the LG Styler clothing care system, LG WashCombo All-in-One and LG WashTower have led growth, receiving positive market feedback. The strategy of expanding the volume zone lineup to cater to regional characteristics and shifts in demand in international markets has been successful. The company is also growing its B2B business, including HVAC, built-in appliances and component solutions.
LG aims to expedite the paradigm shift in home appliances by introducing subscription services that allow customers to choose appliances and product management services that suit their lifestyles. Also, as AI expands its role in customer electronics, the company is incorporating its Affectionate Intelligence into its devices and services, aiming to provide a unique customer experience that goes beyond basic AI, offering more thoughtfulness and empathy towards customers.
In the vehicle component solutions business, a secured backlog of orders is driving gradual sales growth. The order backlog is expected to exceed KRW 100 trillion in the first half of this year, increasing from the mid-90 trillion range at the end of last year. For In-vehicle Infotainment, a major contributor to sales, the emphasis this year is on bolstering software capabilities and broadening the spectrum of unique products. LG Magna e-Powertrain, having achieved profitability last year, is poised to accelerate growth by securing additional orders from the European and Asian markets. Concurrently, ZKW, a subsidiary specializing in vehicle headlamps, is strategizing to develop next-generation product capabilities while optimizing its business structure.
The home entertainment business is continuing to experience meaningful growth with the launch of new 2024 OLED TV lineup with enhanced AI performance as well as the expansion of webOS content and services. Starting this year, the company will actively deploy dual-track strategy driven by both the top-tier OLED lineup and the QNED lineup to lead the premium market. Furthermore, the webOS platform business will be developed into a scalable, high-profit business this year.
The business solutions sector continues to innovate customer experience through strategic products such as the new LG gram that comes with the latest on-device AI functions and gaming monitors. This year, the company will position itself with a competitive lineup of the commercial displays and continue to invest in future growth engines such as robots and electric vehicle charging, accelerating the early deployment of promising new businesses.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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By News Reporter
Company Awarded 28 Awards for Excellence in Product Design,
Including Two “Best of the Best” Honors
SEOUL, Apr. 4, 2024 — LG Electronics (LG) announces it has received a total of 28 awards at this year’s Red Dot Award. Among the multiple accolades are two Best of the Best accolades for LG CLOi ServeBot and Signature Kitchen Suite Transitional Series wall ovens.
Recognized with a Best of the Best honor, LG CLOi ServeBot incorporates innovative technology in a sleek design with stability in mind. For increased convenience and versatility, the autonomous serving robot features a three-tier shelves that can be adjusted or detached to suit the situation and can even hold up to 40 kilograms, making it easy to move heavy loads.
Offering enhanced driving performance with six wheels and independent suspension, the CLOi ServeBot can even move stably on unsteady floors. Equipped with a 3D camera and a light detection and ranging (LiDAR) sensor, CLOi ServeBot can recognize environments and communicate with other CLOi ServeBot to coordinate movements without access points, enabling the stable operation of more than ten robots in the same space simultaneously. Featuring outstanding technology, CLOi ServeBot was awarded the Innovation Award at CES 2024.
Also awarded the Best of the Best, the Signature Kitchen Suite Transitional Series wall ovens were recognized for its modern and minimal design with an elegant, velvety matte finish that elevates the kitchen environment. Delivering a chic, minimalist appearance, Transitional Series ovens are equipped with slimmer handles than those found on Professional Series models.
Equipped with Gourmet AI technology and a built-in high-definition camera, the ovens can identify ingredients and automatically suggest optimal recipes on the display. Through the LG ThinQ app, users can monitor what they’re cooking in real time and even capture time-lapse videos and photos.
LG StanbyME Go, a portable 27-inch screen built into a case, was recognized as both an Innovative Product and Winner at this year’s Red Dot Awards. Complete with an integrated Dolby Atmos sound system, HDMI connectivity and webOS, StanbyME Go is the complete anywhere-you-want entertainment experience. LG StanbyME Go is the ideal mobile entertainment screen with its 40W speakers and articulating arm can position the screen in three different ways. Protected by its military-grade case, users can enjoy their content in and outside the home, take it tailgating, camping and anywhere their travels take them.
Other innovations recognized for outstanding design include LG’s latest TV, laptop, monitor, speaker, air conditioners, washing machines and dryers, Styler, all-in-one system ironing, dehumidifier and HydroTower, a combination of air purifier and humidifier.
The Red Dot Award is one of the most respected competitions for product design, communication design and design concepts in the world.
“LG will continue to provide a warm and innovative customer experience with a design tailored to users’ lifestyles along with the company’s unique smart life solutions,” said Hwang Sung-gul, head of LG Electronics’ Corporate Design Center.
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By News Reporter
LG Continues Long-Standing History of Honors at World’s Preeminent Consumer
Technology Show With More Than 200 Awards & Accolades
SEOUL, Jan. 25, 2024 — At this year’s CES®, LG Electronics (LG) was honored with more than 200 awards and recognitions for a wide range of innovations and technologies across the home appliance, home entertainment and B2B categories.
The LG SIGNATURE OLED T – the world’s first 4K wireless transparent TV – led the way with countless honors as the Best TV or Best in Show from a wide range of press outlets.
With LG’s reputation as the global leader in OLED technology – the company continues to assert its dominance at CES, taking home the industry’s top awards and honors for its latest OLED TV lineup including the aforementioned LG SIGNATURE OLED T and the LG OLED evo M4, G4 and C4 TVs. Utilizing the wireless technology introduced in last year’s M3 TV, LG’s 77-inch LG SIGNATURE OLED T is considered the next step in the evolution of OLED TV technology and was honored by major tech publications including CNET, Digital Trends, TechRadar, Tom’s Guide, Forbes, The Verge, Wirecutter, PCMag and Mashable.
The LG OLED evo series featuring a new 144Hz refresh rate and LG’s Alpha 11 AI processor was also applauded by CNET, TechRadar Pro, PCGamer and BGR. Additionally, Digital Trends highlighted the LG UltraGear OLED gaming monitor 32GS95UE in its lineup of best monitors seen at CES 2024 noting its one-of-a-kind ability to toggle between 4K at 240Hz and FHD at 480Hz with the press of a button.
LG also garnered accolades from top publications such as USA Today and Tom’s Guide for its new LG WashCombo All-in-One with HeatPump Technology. Marking LG’s commitment to a greener world – the new Wash Combo uses 60 percent less energy than a vented model.* The cutting-edge home appliance was widely recognized for its compact ventless design and ability to complete a wash-and-dry cycle in under two hours.
Named as a winner of Reviewed’s Accessibility Awards for CES 2024 – LG’s Universal UP Kit – a collection of innovative home appliance accessories and add-ons embracing universal design has been crafted to enhance usability for individuals facing physical challenges. It was also recognized in Apartment Therapy’s Best Home Design Products from CES 2024.
From the Consumer Technology Association’s (CTA) CES Innovation Award program alone, LG won 34 CES Innovation Awards including two Best of Innovation Awards given to the LG 4K Transparent OLED T and the 83-inch 4K OLED Zero Connect TV (M4).
Highlights from LG’s over 200 awards and recognitions earned at CES 2024 include:
LG SIGNATURE OLED T (77-inch)
CNET: Best TVs of CES 2024 Digital Trends: Top Tech of CES 2024 Awards PCMag: The Biggest (and Coolest) TVs at CES 2024 Engadget: Best of CES 2024 Reviewed: The Reviewed Awards: CES 2024 – Home Theater TechRadar: Best Gadgets of CES 2024 – Best TV The New York Times: Wirecutter: Best of CES 2024 Tom’s Guide: Best of CES 2024 Awards – Best Design The Verge: The Verge Awards at CES 2024 – Best in Show CNN Underscored: Best of CES 2024 – Best TV NBC News: Best of CES 2024 Fox News: Top 10 Tech of CES 2024 The Hollywood Reporter: Best of CES 2024 – Best OLED TV Variety: Best of CES 2024 – Best 4k TV Popular Science: Best New Gadgets and Tech from CES 2024 Rolling Stone: Best of CES 2024 LG OLED TVs (M4, G4, C4 and B4)
Tom’s Guide: Best TVs of CES 2024 – LG OLED evo G4 Reviewed: The Reviewed Awards: CES 2024 – LG OLED evo G4 TechRadar Pro: 2024 Pick Awards – LG OLED evo M4 Tech Advisor: Best of CES 2024 – LG OLED B4 Gear Patrol: Coolest TVs and Monitors Revealed at CES 2024 – LG OLED evo G4, C4, and OLED B4 LG QNED TVs
Tom’s Guide: Best TVs of CES 2024 – LG 98 inch QNED TV Residential tech today: CES 2024 Reflections and Superlatives – LG 98 inch QNED TV LG gram Pro Laptops
Digital Trends: Best and Most Exciting Laptops at CES 2024 – LG gram Pro Inverse: Best Laptops Announced at CES 2024 – LG gram Pro 2-in-1 Laptop Mag: Best of CES 2024 – Best 2-in-1: LG gram Pro 2-in-1 Live Science: CES 2024: Best Laptops for Coding & Programmers – LG gram Pro 2-in-1 LG CineBeam Qube Projector
PCMag: Best of CES 2024 – Best Projector WIRED: Best of CES 2024 – Best Home Theater Gizmodo: Best, Coolest, and Weirdest Gadgets at CES 2024 Yanko Design: Best of CES 2024 LG UltraGear OLED Gaming Monitor
Digital Trends: Best Monitors of CES 2024 Inverse: Most Eye-Popping Gaming Monitors from CES 2024 The Shortcut: The Shortcut CES 2024 Awards Windows Central: Best of CES 2024 – Best Gaming LG WashCombo All-in-One with HeatPump Technology
Reviewed: The Reviewed Awards: CES 2024 Tom’s Guide: Best Smart Home Gadgets of CES 2024 – Best Smart Appliance Tom’s Guide: Best of CES 2024 – Best Home Appliance Good Housekeeping: Coolest Gadgets at CES 2024 LG Smart Home AI Agent
Reviewed: CES 2024 – Top 9 New Gadgets You Need To See Mashable: The Best of CES 2024 The Washington Post: The Best (and Strangest) Tech We Found at CES 2024 T3: Best of CES 2024 Awards – T3’s Top Tech from This Year’s Show For more information on LG’s CES 2024 awards and honors and additional information about LG’s products announced at CES, please visit
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* 60% more energy efficient drying – efficiency rating as compared to the requirements for ENERGY STAR® qualification for standard electric dryers. Based on EnergyStar.gov (November 2023).
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By News Reporter
Texas Production Factory to Solidify Company’s Position
as a Trusted EV Charging Solutions Provider
SEOUL, Jan. 15, 2024 — LG Electronics (LG) has expanded its electric vehicle (EV) charging solutions infrastructure, opening its first EV charger production factory in the U.S. The new, 5,500-square-meter facility, located in Fort Worth, Texas, will focus on delivering chargers for the North American market and is expected to have an annual capacity of more than 10,000 units.
The factory is LG’s first EV charger production site outside of South Korea, where the company last year opened an EV charger manufacturing operation under its affiliated company HiEV Charger.
LG chose to establish its U.S.-based EV charger production factory in Texas for multiple, strategic reasons, such as the ability to utilize existing facilities. The state also boasts excellent logistics and transportation networks and is home to major operations for companies in industries ranging from automobile manufacturing to finance.
In 2023, when announcing the company’s future vision, LG CEO William Cho noted that ‘Electrification’ would be a major driver of rapid mid- to long-term growth. LG’s entry into the U.S. EV charging market will enable the company to address rising local demand and discover new business opportunities. Strategically and philosophically aligned with several of the energy and environmental goals set out in the U.S. government’s Inflation Reduction Act, the sustainability-focused company is committed to bolstering its EV charger business, and has commenced plans to grow its presence around the world, including in Asia and Europe.
LG has started assembling 11kW chargers at its Texas factory and will begin production of 175kW fast chargers within the first half of the year. LG also aims to introduce a 350kW ultra-fast charger in 2024, expanding its EV charger lineup to meet the varied needs of customers, especially those operating in areas such as commercial travel and long-distance transportation.
The company is quickly earning a reputation as a reliable EV charger provider thanks to its manufacturing capabilities, quality control and after-sales service. Through emphasizing its differentiated offerings, including control and advertising solutions, LG is confident that the EV charging solutions business will continue to improve its market position over the mid- to long-term.
Furthermore, LG intends to tap into the diverse EV charging demands of various businesses and facilities, such as hotels, shopping malls, retail stores, gas stations and parking garages, to drive future growth. LG’s B2B experience in the U.S. hotel TV and digital signage sectors provides valuable insight that is expected to aid in the U.S. expansion of the company’s EV charging solutions business.
The global EV charging market is expected to grow to USD 186 billion by 2030, according to Roland Berger, a global management consulting firm. The market expansion is being driven by several factors, including the ongoing implementation of regulations aimed at protecting the environment and the continuous progress of vehicle electrification.
“By establishing our EV charger production factory in Texas, we will be able to actively respond to the rapidly growing demand for EV infrastructure in the U.S.,” said Jang Ik-hwan, president of the LG Business Solutions Company. “LG is dedicated to delivering uncompromising quality and will offer customers reliable EV charging solutions that combine efficient charger units with advanced control systems.”
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