LG NOVA Program Announces “First 50” Startups Advancing to Next Phase of Incubation Program
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By News Reporter
LG is rooted in the philosophy of open innovation – an open approach to innovation and facilitating collaboration to create a better life for all. These collaborative partnerships involve LG affiliate companies and extend to government, universities and research labs, with the goal to establish an open ecosystem of innovation that will benefit and empower all involved.
Recently, the LG Toronto AI Lab welcomed 30 graduate students from various universities in South Korea to the
link hidden, please login to view (CARTE) at the University of Toronto. The event – initiated and organized by the Toronto AI Lab in collaboration with CARTE – brought these talented students together to explore applied research partnerships in Canada and introduce them to career opportunities at LG. Sponsored by the South Korean government and managed through the University of Toronto’s Faculty of Applied Science & Engineering, the 6-month CARTE program accommodates students from a wide range of disciplines, including technology, engineering, and the natural and mathematical sciences and aims to inspire students to leverage AI innovatively in their respective fields.
The selection for this program was competitive, drawing participants from among South Korea’s brightest. These selected students will engage in 10 industry projects, including three spearheaded by the LG Toronto AI Lab.
Kevin Ferreira, Senior Director and Head of the LG Toronto AI Lab, shared, “Our collaboration with the University of Toronto and the South Korean government on the CARTE program aims to enhance our research capabilities and strengthen our talent pool. This event enabled us to present the extensive work undertaken at the LG Toronto AI Lab to an exceptional group of Korean students, laying the groundwork for deeper research collaboration.”
Showcasing some of the Toronto AI Lab’s recent work, Manasa Bharadwaj, Senior AI Research Scientist, presented on behalf of the LG Toronto AI Lab’s Conversational AI team and their research into Responsible Conversational AI. The talk covered the motivation, technical details and results of the team’s 2023 published research titled ‘COUNT’ and ‘GPT-Detox’. The two paraphrasing approaches leverage unlikelihood training and prompt-based approaches respectively to convert unsafe text into safe text.
Mathieu Tuli, AI Research Scientist, presented on the work that the LG Toronto AI Lab Digital Human team conducts, highlighting FlowFace, the team’s recent CVPR) 2024 accepted paper. The talk provided detail on why FlowFace is an important innovation for the community at large, and how it affects the rest of the Digital Human pipeline.
Thi Ha Kyaw, Staff AI Research Scientist, presented an introduction to quantum computing and quantum algorithms in general, and why quantum is worth pursuing in the current quantum utility era. He also presented his team’s recent result on super-exponential catastrophe of quantum algorithms in noisy quantum hardware.
During their time in the program, students will participate in graduate-level intensive courses in Machine Learning and AI, delivered by the University of Toronto’s Department of Mechanical & Industrial Engineering. They will also benefit from tailored AI support services provided by CARTE, including research and training in AI for academic and industry partners.
Furthermore, students will have the opportunity to attend several applied AI seminars at the University of Toronto and engage with AI and machine learning projects across various sectors, including industry, government, and non-profits. A dedicated workspace will also be available to them, fostering collaboration and allowing them to apply their knowledge and skills within Toronto’s thriving AI ecosystem.
The program will conclude in late June, where selected students will present their projects to industry partners, showcasing their achievements and the potential for future innovations in AI.
Contributed by LG Canada
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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
LG Thailand has forged a groundbreaking partnership with ATTA Autohaus, the first digital showroom of Mercedes-Benz in Thailand, to redefine the visitor experience. In a flawless fusion of innovation and luxury, this exclusive venture showcases LG’s state-of-the-art technology within the opulent confines of ATTA Autohaus, featuring none other than the world’s largest OLED TV (97 inches) alongside stunning OLED Posé and StanbyME.
To deliver an avant-garde journey that meets the growing demand for high-tech experiences, ATTA Autohaus enlisted the help of LG professionals to assemble an immersive environment where today’s most advanced TVs add a touch of class to the premium showroom experience. This coming together aligns perfectly with ATTA Autohaus’s commitment to seamlessly blending its online and offline customer experiences together.
LG’s cutting-edge OLED technology, especially the world’s largest OLED TV, has been meticulously integrated into the showroom’s ambience. Going far beyond the purpose of delivering crystal-clear content, these TVs are now making their mark on ATTA Autohaus’s mission of providing the most innovative and sustainable customer experience yet. The strategic placement of LG TVs among the venue’s 15 high-end vehicles creates a harmonious synergy between tech and luxury, offering a glimpse into the future of luxury car retail spaces.
This collaboration extends LG’s OLED technology beyond conventional entertainment settings. The TVs not only showcase the prowess of LG’s display technology, but also contribute to the creation of a captivating ambiance. LG’s 97-inch OLED TV stands out among the rest as a testament to the company’s commitment to pushing the boundaries of visual innovation, providing the most cinematic experience ever witnessed inside a luxury car showroom.
The integration of LG’s technology was a resounding success, elevating the showroom’s allure while guiding esteemed guests on their journey into the world of luxury vehicles. Since the awe-inspiring TVs were installed throughout the venue, visitor engagement has increased significantly with the immersive screens extending dwell time and heightening visitors’ intrigue in the displayed vehicles. This collaboration goes as far as setting a new benchmark for future endeavors, showcasing how cutting-edge technology is worthy of its place in the luxury market, raising the bar for automobile showrooms across Thailand.
More than just a collaboration, this transformative blend of technology and luxury is helping to transform perceptions of the customer experience within the premium automotive industry. This partnership embodies LG’s commitment to innovation and its ability to seamlessly integrate advanced technologies into diverse lifestyle settings, ultimately making life better for all consumers worldwide.
Contributed by LG Thailand
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By News Reporter
Highest Annual Revenue in History With Home Appliance and
Vehicle Components Showing Growth for Eight Consecutive Years
SEOUL, Jan. 25, 2024 — LG Electronics Inc. (LG) announced its financial results for the year 2023, disclosing a consolidated revenue of KRW 84.2 trillion and an operating profit of KRW 3.55 trillion. This marks the third consecutive year of achieving record-breaking annual revenue. The operating profit is also solid, approaching levels seen during the prior period of pent-up demand.
Despite challenging external factors such as an economic slowdown and reduced demand, LG’s core business of home appliances and the burgeoning vehicle components business have demonstrated remarkable resilience, maintaining continuous growth for eight consecutive years. The combined revenue of these businesses exceeded KRW 40 trillion last year, a substantial increase from KRW 18 trillion in 2015. Over the same period, the proportion of these two businesses in the total revenue has risen from 32.5 percent to 47.8 percent.
The performance is attributable to LG’s strategic efforts to enhance its business portfolio. The company successfully expanded its B2B business by identifying market turning points early on and integrated new business models, including subscription services, into existing frameworks. Furthermore, LG’s innovative content and service business model, leveraging its extensive user base of hundreds of millions of products globally, has also contributed to securing robust profitability.
Looking ahead, LG is committed to a continual transformation from a mature business-oriented structure to a future growth-oriented one. In this year, the company will concentrate its capabilities on breaking through limits to maximize its business potential. Guided by the newly established Overseas Sales & Marketing Company, LG will strive for additional growth and expanded product coverage, particularly in emerging markets where there are greater growth opportunities.
The LG Home Appliance & Air Solution Company achieved an annual revenue of KRW 30.14 trillion, marking eight consecutive years of growth and ushering in the era of KRW 30 trillion. Introducing new business models including subscription services and expanding the B2B share in areas such as HVAC, components and built-in solutions contributed to this growth. The operating profit recorded an increase of over 76 percent compared to the previous year, reaching KRW 2.08 trillion.
In the coming year, the Company will accelerate a shift in its business model towards future readiness, including Direct-to-Consumer initiatives. It aims to expand the deployment of home appliance operating systems and extend subscription services to international markets. Additionally, there will be a swift progression in building smart home solutions that reflect the value of “Zero Labor Home.” In terms of products, the Company will seek to maintain its strategic approach of solidifying the premium leadership of key products, such as washing machines and refrigerators, while swiftly expanding region-specific lineups. To sustain continuous growth in the B2B sector, especially in areas like HVAC, the Company plans to strengthen its capabilities by establishing a complete, local business operation that encompasses product development, production and sales, with a focus on the evident electrification trends in regions such as North America and Europe.
The LG Vehicle component Solutions Company achieved an annual revenue of KRW 10.1 trillion and operating profit of KRW 133 billion. In its 10th year since establishment, the Company not only surpassed the KRW 10 trillion revenue mark but also demonstrated eight consecutive years of growth since it began disclosing performance results in 2015. The share of total consolidated revenue has increased to 12 percent. This year, the Company aims to drive both external growth, leveraging a substantial order backlog, and qualitative growth in its operations. In in-vehicle infotainment, the Company is dedicating efforts to secure capabilities in the area of software-defined vehicles in response to the needs of OEMs. Drawing upon its differentiated technology accumulated in the home appliance and IT sectors, the Company will seek to further enhance the in-vehicle customer experience. In the e-Powertrain area, focus will be on strengthening product capabilities and early stabilization of overseas production bases to enhance responsiveness to customer demands. Additionally, in headlamps, there are plans to expand premium product orders while simultaneously improving operational efficiency.
The LG Home Entertainment Company recorded an annual revenue of KRW 14.2 trillion and operating profit of KRW 362 billion. The webOS platform-based content and services business solidified its position as a new source of revenue, showing a significant increase in operating profit compared to the previous year. The revenue slightly decreased amid a relatively slow recovery in demand for premium products like OLED. In anticipation of a progressive recovery in TV demand this year, the Company will seek to strengthen both the top-tier OLED lineup and the QNED lineup, following a dual-track strategy to lead the premium market. Simultaneously, the Company is accelerating its transformation into a media and entertainment powerhouse. In the current year, the webOS platform business is slated for nurturing as a significant revenue-generating venture in the scale of trillions.
The LG Business Solutions Company recorded an annual revenue of KRW 5.4 trillion and operating loss of KRW 42 billion. The revenue saw a slight decrease compared to the previous year due to delays in IT demand recovery and reduced investments from key enterprises. Increased investments in future growth areas such as robotics and electric vehicle charging had an impact on profitability. In this year, the Company is positioning itself with a competitive lineup of IT products, including gaming monitors and the LG gram Pro, and will actively seek to find business opportunities targeting distinct verticals such as government agencies and schools. As a leader in LG’s B2B business, it aims to accelerate the shift from supplying single products to integrating and providing adjacent solutions. With a significant proportion of new businesses within the organization, investments will be prioritized for future preparations rather than short-term management performance.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the 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
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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