LG Electronics Announces Organizational Restructuring for Future Growth
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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
From the best restaurants to the most expansive and complex warehouses, service and industrial robots are reshaping countless industries through impactful and groundbreaking advancements that bring the autonomous future a step closer. Enhanced efficiency, productivity and cost savings are just a few advantages of service and industrial robots.
In line with this, LG recently
link hidden, please login to view as it doubles down on its commitment to advancing the capabilities of its service robotics, one of the company’s most promising business areas.
After a number of years innovating the robotics space, the lineup has evolved into ‘your best partner’ with a wide range of solutions that include LG CLOi ServeBot, LG CLOi GuideBot and LG CLOi CarryBot, powered by AI technology.
’s independent suspension is implemented to all six wheels to ensure stable maneuverability across uneven floors. This enables the CLOi ServeBot to securely transport beverages and meals, including soups and noodles, even when travelling over surfaces with a slope of up to 5 millimeters (0.2 inches). And fully equipped with a LiDAR sensor and 3D camera, this technology lets the CLOi ServeBot navigate obstacles smoothly, ensuring that none of its valuable “cargo” is upset.
Offering next-level convenience to restaurant owners, LG CLOi ServeBot runs for 11 hours on a full charge and can be charged both automatically and manually. The latest model offers even more services, which means it can now carry out its serving duties and assist business owners with various tasks.
With its expanded tray size, the latest LG CLOi ServeBot now holds up to 40 kilograms, enabling it to transport all the dishes needed for western cuisine, which typically uses heavy tableware, or Korean cuisine, which comprises several side dishes. Extremely adaptable, the advanced robot’s trays can be completely removed or height adjusted to match different environments or applications. It even knows when the customer has picked up their plate so it can head straight back to the kitchen. On the other hand, if the tray is left full of tableware, then it automatically returns to its designated area.
LG CLOi ServeBot also provides entertainment including a CMS (Content Management System) that lets users upload content via their mobile device. Through its 10-inch display, customers waiting to be seated are shown the menu and entertaining videos to be pass the time. Additionally, android apps can be installed according to preference.
Going beyond its service robots, LG is proactively responding to the increasing need for robots in industrial settings with robotic innovations that boost productivity and quality in the manufacturing process. The company provides a variety of solutions that can be used to automate the warehouse.
LG unveiled its latest industrial robots at MODEX 2024, the largest supply chain logistics trade show in Atlanta, Georgia, USA. This included the new LG CLOi CarryBot family of Autonomous Mobile Robots (AMR), which are specially designed to navigate complex floor plans and deliver payloads in customizable configurations.
LG showcased two versions of LG CLOi CarryBot: a featuring two shelves which is ideal for smaller packages and navigating tight spaces, and a capable of carrying heavy loads on its back. This practical machine can quickly transport goods in large logistics sites at speeds of up to 1.2 meters per second, while providing stable driving by applying ‘Fast-X,’ LG’s autonomous driving technology optimized for logistics environments, including average driving and curve speed as well as acceleration and deceleration control.
In fact, the company has innovated a number of solutions to enhance factory efficiency. ‘Mobile Manipulator’ an autonomous driving-based vertical articulated robot that mimics human arm movements. Unlike conventional robots that usually carry out the same task repeatedly, Mobile Manipulators move around production lines and carry out various tasks such as transportation, product assembly and inspection. Another solution is LG’s low-floor AMRs, industrial logistics robots that can carry 500 kilograms from A to B with very little assistance, which not only makes production efficient but safe too.
To learn how LG is continuing to drive the commercialization of robotics in the real world while expanding its B2B businesses, stay tuned to .
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By News Reporter
At MODEX 2024, North America’s premier logistics exhibition, LG demonstrated its strong commitment to meeting the evolving needs of the global logistics industry. The company’s standalone booth featured a wide range of customized solutions for modern warehousing and smart factory environments – from order-picking robots to robot control systems incorporating high-speed communications technologies.
LG’s innovative AI-powered industrial robots headline a diverse lineup of solutions that can help fulfillment logistics companies enjoy a seamless digital transformation (DX). Consisting of two zones – the Distribution Center and Smart Factory – the company’s booth at MODEX provided real-world scenarios clearly illustrating the immense value and operational efficiency that LG’s robots can deliver.
Impressing visitors to the Distribution Center zone, the
link hidden, please login to view is a specialized AI-powered logistics robot with autonomous driving capabilities that can collect and transport items within a facility. The LG CLOi CarryBot is available in two types: a capable of sorting and storing various items, and a for loading and transporting large, heavy items. Travelling at speeds of up to 1.2 meters per second, LG CLOi CarryBot can swiftly carry goods or materials across expansive logistics warehouses. Thanks to Fast-X, LG’s optimized autonomous driving technology, the CLOi CarryBot is able to safely navigate its way around storage bays and work stations; automatically adjusting speeds in response to actual conditions. Visitors to LG’s booth at MODEX also had the opportunity to view LG’s high-load logistics robots, which are designed to transport fully-loaded pallets weighing up to 250 kilograms. For convenient management, the company’s pallet-moving robots integrate smoothly with customers’ existing Warehouse Management Systems (WMS). This allows for efficient task allocation, with the WMS able to communicate order information to, and explore optimal routes for, each robot connected to the system.
Inside the Smart Factory zone, LG exhibited robots, such as the Mobile Manipulator, that can play an active role in enhancing efficiency in smart factories. An autonomous mobile robot (AMR), the Mobile Manipulator is designed to improve productivity and quality control. This solution features multi-joint articulated arms that are capable of performing a range of complex actions. Unlike conventional robots, which can only handle a single task, the Mobile Manipulator can complete a wide variety of jobs, including transporting parts, assembling products and conducting quality inspections across diverse processes. It can also move autonomously between stations on a production line as and when required.
What’s more, LG introduced its brand-new robotic logistics platforms and solutions for smart factories, such as the Flex-RPS (Robotic Production System). Utilizing ‘collaborative’ robots that combine mobility with the attributes of multi-joint, single-arm robotic solutions, Flex-RPS can be installed and moved between different production or logistics areas, offering a new level of flexibility and operational efficiency. Additionally, LG showed off its low-floor AMR, which can help speed up workflow with its enhanced pallet-lifting capabilities.
LG has also introduced solutions, accompanied by LG’s private 5G network, that eventually increases the operational efficiency of logistics and smart factories. By leveraging the fast transmission speed and low latency of 5G, the solutions not only establish optimized movement routes for multiple logistics robots, moving simultaneously, but also prevent safety accidents using real-time monitoring and control.
With its showcase at MODEX 2024, LG underscored its dedication to pioneering innovative solutions for the logistics industry. LG will continue to apply its technology and design expertise, and its deep understanding of its customers’ needs, to usher in a brand-new era in logistics automation.
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By News Reporter
LG Singapore recently hit another important milestone with the opening of the LG Life’s Good Experience Zone. Officially launched in January in collaboration with leading Australian retailer Harvey Norman, this first-of-its-kind space showcases how LG’s latest smart products seamlessly integrate into, transform and revolutionize practically any space. Visitors to the zone can expect to be treated to a first-hand experience of the interconnected world LG’s innovations create.
The celebrations began with a ribbon cutting ceremony where Gerald Chun, managing director at LG Singapore, and Bernice Kwok, chief operating officer at Harvey Norman Singapore, used golden scissors to officially open the space to the people of Singapore and the world.
As part of the celebrations, a team of red lion dancers performed a captivating routine to bring good fortune and wealth to the new space. Afterwards, Gerald Chun and Bernice Kwok were presented with a pair of traditional blessings as a gesture of long-lasting prosperity.
The special guests were then ushered through the showroom on a private tour conducted by LG Singapore’s insightful product team, giving them the very first look at the Life’s Good Experiential Zone and their first experience of how their lifestyle could evolve to the next level as LG’s appliances work in unison with the LG ThinQ app.
“We are delighted to collaborate with Harvey Norman to introduce Singapore’s first-ever LG shop-in-shop experience zone, a significant milestone that demonstrates our commitment to innovating shopping experiences,” said Gerald Chun, managing director at LG Singapore. “As visitors witness the debut of various LG products in Singapore, our commitment to innovation is on full display. We invite everyone to join us on our journey to shape the future of home living.”
Offering a sneak peek into the future of living, the LG Life’s Good Experience Zone invites you to witness the seamless integration of LG’s cutting-edge technologies. By exploring such harmonious synergy, visitors can discover a connected ecosystem where all products converge and are intelligently managed on the intuitive LG ThinQ app, inspiring them to envision their dream home that elevates daily convenience and quality of life.
Contributed by LG Singapore
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By News Reporter
Company Empowers Young Talent in Europe
to Reimagine HVAC for a Better Tomorrow
SEOUL, Jan. 26, 2024 — LG Electronics (LG) announces that the grand finale of its first-ever heating, ventilation and air conditioning (HVAC)-themed student hackathon, Hack for Heat, will take place on January 26 at the LG office in Courbevoie, France. The groundbreaking event will see talented youth from across Europe competing in teams to help redefine the future of HVAC and create a better tomorrow for all.
LG is a company that understands the importance of transitioning to low-carbon heating systems and is fully committed to supporting the EU’s Green Deal. In line with this commitment, LG offers efficient and sustainable HVAC solutions. As part of efforts to foster the next generation of HVAC innovators and help bring about positive change, LG organized the Hack for Heat hackathon, inviting students to apply their passion and unique ideas to three key challenges facing the HVAC industry:
HACK HEAT FOR DESIGN: Redefining HVAC design to seamlessly integrate into urban landscapes, with a focus on aesthetics, size and cost. HACK HEAT FOR PLANET: Creating ‘zero carbon’ heat pump systems while addressing aspects of the supply chain. HACK HEAT FOR USERS: Crafting engaging educational content to connect with consumers and spread awareness about LG’s commitment to sustainable development solutions. The Hack for Heat grand finale will feature six teams representing Spain, Portugal, the U.K., Hungary and France. Each team will have the opportunity to present their projects to a jury comprising LG executives from various business units. The winning team will be rewarded with an all-expenses-paid trip to Seoul, South Korea, where they will have the chance to immerse themselves in the local culture, explore the city’s renowned landmarks and enjoy an exclusive tour of LG headquarters.
Open to the public and media, the Hack for Heat finale will be held at Workstation, 25 Quai du Président Paul Doumer, Courbevoie, France, on January 26 from 8:30 to 15:30 (CET). Registration is required and can be completed on the event’s
link hidden, please login to view. “Hack for Heat reveals LG’s strong commitment to innovation and firm belief in the power of young talent to shape the future of HVAC,” said James Lee, head of the Air Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “We are thrilled to welcome the unique ideas of these passionate, young innovators, and look forward to seeing how their contributions will transform the industry and make people’s lives better.”
For more information about the event, visit .
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