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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
Earth Day – celebrated annually on April 22 – is a great opportunity for people around all parts of the globe to demonstrate support for environmental protection.
Shared earlier this week,
link hidden, please login to view an event with diverse activities highlighting the importance of sustainable practices. Let’s take a look at how other LG offices around the world shared the positive message of creating a ‘Better Life for All’ in time for Earth Day.
To start off in Germany, the company turned Earth Day into a week-long event through Earth Week on its online brand shop. From April 22 to 28, German consumers will receive a 10 percent discount on all LG household appliances with a green energy label purchased on , not only saving money but also energy at the same time.
LG Germany wanted to fully do its part to contribute to a more sustainable future, which is why it partnered with the local initiative , a non-profit association that advocates sustainable environment protection and nature conservation. As a part of this partnership, LG Germany will donate 10 percent of revenue from the energy efficient home appliances purchased between April 22-28 to the organization. Aligned with Herzenswald Schmitten’s mission, LG Germany proudly supports regional afforestation and providing newly planted trees with individual protection against poaching.
And, to boost sustainable practices within the company, LG Germany celebrated Earth Day in its Eschborn office. Employees received a reusable coffee cup, featuring the Life’s Good logo, reducing waste on single-use cups and even further promoting the brand message in public. Also, to motivate employees to reduce their carbon footprint, the company awarded employees who came to the office by either bike or public transportation with a voucher from a coffee bar located in the building – providing an opportunity for employees to use their brand new Life’s Good cups and spread the message. The company is excited to see how many employees make the morning bike ride their daily routine!
Reducing disposable wastes is an important task, one that LG’s headquarters in Korea is also paying great attention to. In time for this year’s Earth Day, LG CEO William Cho joined in on the “Zero Disposables Challenge,” a nation-wide environmental initiative launched by South Korea’s Ministry of Environment last year to encourage the use of reusable items in public. In line with this, the company called on all its employees to boost efforts to reduce the use of single-use products and increase the use of reusable products.
In Taiwan, the company deliberated on ways to make a difference for the planet through small daily actions. LG believes that doing one little thing every day has the power to have a great impact when accumulated over time.
To highlight this message, LG Taiwan unveiled a challenge on its official social media page, inviting users to reshare their Instagram story template, selecting what good things – no matter how big or small – they do to show that they love the earth! Running from April 22 to May 5, the company will select six winners who will receive a gift card.
Last but not least, LG Spain created a video outlining their on-going efforts to create a better planet. In the video shared via its social channels, the company introduces their Smart Green movement, an initiative that uses technology as a means to regenerate the ecosystem. The movement’s goals include ; to ensure the pollination of countless endemic plants; and restoring the seabed, which is home to thousands of plant and animal species. Already seeing great results, LG Spain reiterated its commitment to work with its local partners to change the world for the better.
LG believes Life’s Good but also understands that true enjoyment requires care and attention. The company is committed to not only crafting sustainable products but also to participating in initiatives that foster a better, cleaner future.
Contributed by LG Germany, Taiwan and Spain
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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
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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By News Reporter
LG SIGNATURE OLED T 4K Marks the Beginning of an
Exciting New Chapter in LG’s Ongoing Legacy of TV Innovation
LAS VEGAS, Jan. 8, 2024 — LG Electronics (LG) is unveiling the world’s first wireless transparent OLED TV at CES 2024. The LG SIGNATURE OLED T is a true technological marvel, combining a transparent 4K OLED screen and LG’s wireless video and audio transmission technology to transform the screen experience in ways that have never been possible before. The OLED T unlocks a world of near-limitless potential, giving users the unprecedented freedom to meticulously curate their living spaces. This is complemented by the class-leading picture quality and performance of LG OLED, powered by the new α (Alpha) 11 AI processor. A genuine game changer, LG’s transparent OLED is the winner of five CES 2024 Innovation Awards, including a Best of Innovation honor.
LG SIGNATURE OLED T liberates users from a dominant black screen that competes with the décor in their home. Maintaining its 77-inch screen size, OLED T and its innovative transparent display seamlessly harmonizes with its environment. Practically invisible when turned off, it blends into the environment and frees users from the long-standing problem of what to do with the ‘big black screen.’ The TV’s beautiful see-through screen also helps to make one’s space feel larger, providing a sense of openness.
The unique LG OLED T brings with it many new possibilities, from where it can be placed in the room, to the kinds of user experiences that LG can now deliver.
Its transparent OLED screen removes the usual constraints that come with conventional TVs. No longer does the TV have to be placed against the wall. Instead, users can place the OLED T in the middle of the room to become a divider or prop it against the window without blocking the view outside. The included Zero Connect Box, which leverages LG’s cutting-edge wireless transmission technology to send 4K images and sound to the OLED T, also enables users to place their TV anywhere, regardless of where the electrical outlets are located in the room. With no cables between the Zero Connect Box and the OLED T, users can enjoy a clean, cable-free viewing environment.
What’s more, the modular design of the LG OLED T facilitates diverse installation methods. The OLED T comes in stand-alone, against-the-wall or wall-mount options. Customers can further customize by adding standing or floating shelves on either or both sides of the screen to best suit their unique tastes and preferences.
LG’s transparent OLED lets owners discover new forms of entertainment and use via its dual viewing experiences: transparent and opaque. The OLED T becomes a transparent digital canvas for showcasing artwork, videos or photos with the Always-On-Display (AOD) feature. Content displayed on the transparent screen appears to float in air, yet simultaneously fuses with the surrounding space to create a compelling and atmospheric visual effect. Another option is the T-Bar feature that offers a helpful info-ticker running along the lower part of the screen. The T-Bar displays news alerts, weather updates or the title of songs being played while the rest of the screen presents a clear, unobstructed view of the space behind it.
For viewing in picture perfect OLED, simply click a button to raise the contrast screen. In this way, users can instantly switch to take full advantage of LG OLED’s enhanced picture quality through the new α (Alpha) 11 AI processor with 4-times greater AI performance. This provides a 70 percent improvement in graphic performance and a 30 percent faster processing speed compared to its predecessor. OLED T offers the best of both transparent and vibrant-color screen experiences with just a click of a button.
“An incredible feat of consumer-driven innovation, LG SIGNATURE OLED T offers brand-new screen experiences plus the picture quality and performance of our award-winning OLED technology,” said Park Hyoung-sei, president of the LG Home Entertainment Company. “LG’s transparent OLED gives customers greater freedom to curate their living spaces, completely redefining what’s possible and pointing the way to an exciting future for the television industry.”
The stunning LG SIGNATURE OLED T will be on show during CES 2024 from January 9-12 at the company’s booth (#16008, Las Vegas Convention Center). For more information on LG products unveiled at CES 2024, please visit
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