Quantcast
Jump to content

LG Continuously Strengthens Position in Global Electric Vehicle Industry


Recommended Posts

Company Continues to Perform Well in Highly Competitive Sector,
Securing Orders Worth KRW 8 Trillion in the First Half of 2022

VS_01-600x375.jpg

SEOUL, July 5, 2022 — LG Electronics (LG) continues to establish its position as a major force in the electric vehicle (EV) component solutions business, confirming it has secured orders valued at KRW 8 trillion in the first half of 2022 to deliver its in-vehicle experience to diverse global automakers.

Expanding cooperation with major global car manufacturers including Mercedes-Benz AG, Groupe Renault and General Motors and supplying its P-OLED IVI systems to clients’ electric vehicles, LG is seeking to augment its comprehensive portfolio.

LG’s EV component solutions business is rapidly growing based on its three core businesses sector: the LG Vehicle component Solutions (VS) Company, ZKW Group and LG Magna e-Powertrain.

Acquired by LG in 2018, ZKW Group boasts market-leading vehicle headlamp technology, and a global clientele that includes BMW, Mercedes-Benz AG, Audi and Porsche. Meanwhile, LG Magna e-Powertrain is expanding its worldwide production base, adding a third manufacturing facility (Ramos Arizpe, Coahuila, Mexico) to its existing factories in Incheon, South Korea and Nanjing, China. Construction has already begun on the 25,000-square meter site, which is projected to open in 2023 and is slated to produce key components, such as motors and inverters, for General Motors’ next-generation of EVs.

In the first half of this year, the value of orders for LG’s advanced EV component solutions surpassed the total accumulated value of all orders on hand as of 2021 (KRW 60 trillion) by a mark of 13 percent. The company expects that the accumulated orders placed with its EV components business by the end of 2022 will exceed KRW 65 trillion in value.

Given the decrease in vehicle production due to the shortage of automotive semiconductors and other ongoing global supply issues, the performance is encouraging as the consolidated sales for LG’s EV component solutions business increased up to 24 percent compared to last year, reaching KRW 6.7 trillion.

Based on a report from market research firm Strategy Analytics published in April 2022, LG is estimated to be already leading the global telematics market, boasting a 22.7 percent market share as of the first quarter of 2022 and recording a double-digit market share in the audio, video and navigation (AVN) market since last year.

“Leveraging the advanced core technologies and the strong partnership with the global manufacturers, we will continue to provide differentiated value to our auto-industry customers,” said Eun Seok-hyun, president of the LG VS Company.

# # #

link hidden, please login to view

Link to comment
Share on other sites

  • Replies 0
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By Libbo2003
      Hi just got a new QNED LG to replace 2021 Nano tv
      the problem is I can’t move my HD channels down to  channels 1 to5.
      the program manager does not have the function to move channels like my old Nano tv which is only a year older.
      is there anyway I can get around this strange function?
    • By News Reporter
      Award’s Final Four Teams Joined by Renowned ESG Scholars and Company’s
      Executives at LIFE’S GOOD AWARD Conference in South Korea

      SEOUL, Jan. 17, 2023 — LG Electronics (LG) has announced the final winner of its LIFE’S GOOD AWARD, supporting global innovators taking on challenges to help create a Better Life for All. The Grand Prix was awarded to Dot Inc. from South Korea.
      The jury ranked the final four teams after each of the teams pitched their innovative solutions in the award’s final round, held during the LIFE’S GOOD AWARD Conference at LG Sciencepark in Seoul, Korea, on January 16. LG’s own executives leading the company’s ESG management, CSO Lee Sam-soo and CTO Dr. Kim Byoung-hoon, were present as well.
      The award embodies LG’s ESG vision of a Better Life for All, aiming to foster a brighter future for the planet and people. The company aimed to solicit ideas for environmental sustainability and accessibility, two key focuses of its long-term ESG initiative, the Better Life Plan 2030. The ingenious solutions presented by the four winners illustrate the power and potential of tech-for-good to spread positive impact on the world.
      The winning teams are: Dot Inc. of South Korea (Grand Prix/USD 700,000 in prize money); SOLUTUM of Israel (Gold/USD 200,000); Day1Lab of South Korea (Silver/USD 100,000); and NONA Technologies of the United States (Bronze/USD 50,000).
      LIFE’S GOOD AWARD Winning Solutions
      Dot Inc.: developed an assistive information display device for the visually impaired composed of 2,400 braille pins – or ‘dots’ – which move up and down. ­­The novel device converts images, maps and other diverse digital information from connected devices such as computers and mobile phones into a display for visually impaired users to comprehend. SOLUTUM: developed a novel plastic material that dissolves in water at ambient temperature and then biodegrades leaving no microplastic or toxin residue. Day1Lab: created an organic polymer plastic which completely biodegrades in freshwater after about two weeks, and in the earth after about two months. NONA Technologies: developed a desalination solution leveraging Ion Concentration Polarization (ICP) to remove viruses, bacteria, salt and debris from water. Along with the final four teams, the LIFE’S GOOD AWARD Conference was graced by the esteemed members of the award’s jury, the LG’s Life’s Good Committee, consisting of the company’s executives and respected scholars in the area of responsible business management; Alex Edmans, a professor at London Business School, Christopher Marquis, a professor at Cambridge Judge Business School and Hyun S. Shin, a professor at Hanyang Business School and a director of the Collective Impact Center at Hanyang University.
      The conference saw various attendees – including members of the public and local university students as well as LG employees and partners – and was livestreamed so that audiences from all around the globe could tune into the proceedings. During the morning, all four teams gave a final presentation and participated in a Q&A session, while the jury provided feedback based on the impact, innovation and sustainability of each solution. The afternoon featured an awards ceremony honoring the four teams and announcing their final placings, as well as special lectures delivered by Professor Edmans, Professor Marquis and Professor Shin.
      “We will continue to pursue solutions assisting the visually impaired, and thanks to LG’s support, we will be able to achieve this at a greater scale and in less time than we otherwise would have,” said Ahrum Choi of Dot Inc., Grand Prix winner of the LIFE’S GOOD AWARD. “We are so grateful for this experience and are looking forward to collaborating with LG in the future, a company that really shares our desire to make the world a better place.”
      “We will continue to collaborate with like-minded innovators as we forge ahead on a shared journey to create a sustainable future for all, embracing the company’s Life’s Good vision,” said Lee Sam-soo, Chief Strategy Officer at LG Electronics.
      Meanwhile, LG will carry out ESG efforts spearheaded by the Better Life Plan 2030 and continue to share the initiative with internal employees and external stakeholders in order to bolster the company’s sustainable business practices.
      For all the latest on LG’s ongoing efforts to realize a Better Life for All, stay tuned to
      link hidden, please login to view.  
      # # #

    • By News Reporter
      During Press Conference in Las Vegas, Company Shares Plans to Broaden Business
      Portfolio with Platforms, Content and Diverse, New Solutions

      LAS VEGAS, Jan. 7, 2022 — LG Electronics’ (LG) CEO William Cho and key executives reiterated the company’s vision for the future as well as its strategy to strengthen business competitiveness during a press conference held especially for Korean media in Las Vegas, Nevada, U.S.A., on January 6.
      The CEO began by mentioning that, despite the uncertainty created by the prolonged global economic recession and continuing supply chain instability, opportunities still exist within the current environment. “We will keep pushing forward with our belief that opportunities can always be found by concentrating on how to provide our customers with new experiences and value,” said CEO Cho.
      The CEO continued by sharing the company’s main focus in regard to business structure. “We will create a competitive business structure, making targeted improvements rather than focusing on short-term cost reduction,” he stated. “To this end, LG’s existing businesses will overcome current limitations by changing their model and methods, while our new businesses will grow through in-house innovation and the establishment of strategic partnerships.”
      Securing Future Growth Engines by Expanding Hardware and Software Solutions Portfolio
      During the press conference, company executives talked about plans to expand LG’s hardware-focused business to non-hardware areas, such as software platforms, content, services and solutions. This will enable the company to diversify its overall business portfolio by providing customized services and solutions that can be paired with or offered separately to its innovative consumer electronics products.
      LG will further advance its content and services business through the intuitive LG webOS platform, which currently powers more than 180 million LG smart TVs worldwide. From 2018 to 2022, LG’s webOS licensing business grew ten-fold, with more and more TV manufacturers adopting the platform for its ease-of-use, customizability and range of premium services, including LG Channels – the company’s free TV and IP channels service. As of 2022, more than 300 TV brands have chosen webOS, with LG continuously increasing the capabilities and compatibility of its acclaimed smart TV platform. LG is also developing its own interactive content such as LG Fitness, an app that provides access to a wide selection of workout videos, and LG Art Lab, a platform for collecting, trading and displaying non-fungible token (NFT) artworks. Both services were recognized for their innovative design and user experience at the CES 2023 Innovation Award.
      Another of LG’s non-hardware offerings, the LG ThinQ smart home platform has gone far beyond the mere linking of household devices, evolving to encompass the entire customer journey, with services that leverage the collection of usage data to create a more personalized experience.
      In the high-growth arena of electric vehicle (EV) components, the LG Vehicle component Solutions (VS) Company is now delivering meaningful results after 10 years of sustained investment in software development and future-technology preparation. Last year’s order backlog of KRW 80 trillion demonstrates the global competitiveness of the VS Company, which has become a trusted innovation partner to some of the auto industry’s biggest names.
      The VS Company is also preparing the launch of its next-generation In-Vehicle Infotainment (IVI) system – a solution that is expected to further boost the performance and reputation of its EV components business.
      Moreover, LG is expanding into EV charging solutions, following up its 2022 acquisition of a company specialized in EV chargers with the establishment of a production line at LG Digital Park in Pyeongtaek, South Korea. Furthermore, LG VS is introducing an integrated EV charging solution, as well as developing and producing EV chargers and charging control systems.
      LG is also accelerating the development of future core technologies outside of the EV components sector. In particular, LG NOVA (LG North American Innovation Center) is strategically investing in and working with promising technology startups in North America to secure future growth engines in areas such as digital healthcare and the metaverse. In digital healthcare, LG recently launched a remote medical treatment solution developed in partnership with Amwell, a U.S. telemedicine company, while in the metaverse, the company is aiming to expand cooperation with partners to secure core technologies over the mid- to long-term.
      Additionally, LG seeks to establish a ‘future technology pipeline’ and strengthen company-wide software competitiveness. Along with accelerating the CTO’s future-ready R&D program, the company is securing top young talent in the field of software development as well as nurturing the software design and coding capabilities of current personnel.
      LG is also expanding the customer experience through its company-in-company (CIC) operations, and via collaborations with startups and the sponsoring of innovation contests. A total of five CICs are operating under LG, including the Sprout Company, responsible for the groundbreaking LG tiiun indoor gardening appliance.
      Overcoming Limitations and Achieving Consumer-Oriented Performance
      LG will be focusing on the user experience even more on 2023, delivering new products and services that provide outstanding convenience and unique value to consumers. Last year, the company introduced a new paradigm in the home appliance industry with the launch of its LG ThinQ UP personalized appliances, lifestyle solutions that can evolve to offer more and more value over time. Appliances with ThinQ UP, previously available only in South Korea, will be sold globally from this year, starting in North America.
      The company will continue to introduce category-leading, premium home appliances this year, with its 2023 lineup including advanced solutions such as the WashTower and LG refrigerators with MoodUP. At the same time, the company will enhance its more competitively-priced product lines to solidify its market leadership.
      This year, the LG Home Entertainment Company is ramping up changes to its business structure and embracing a new vision: Sync to you, Open to All. The new vision emphasizes the creation of experiences that can be tailored to each customer’s needs, tastes and lifestyle while, at the same time, enjoyed by all users. Presenting differentiated value that can’t be found elsewhere, the company is set to redefine the viewing and user experience by enhancing content and services on the webOS platform. Key features added to webOS for 2023 include a new home screen with a revamped user interface for better, more convenient user experiences; next-level personalization with customized recommendations based on users’ viewing and usage history; and CDX (Cross Device eXperience), a user experience that flows seamlessly from device to device.
      Staying on the subject of home entertainment innovation, LG has been the leader of the OLED TV market for an entire decade now, with cumulative shipments of LG OLED TVs exceeding 15 million units. This year, the company will maintain its competitive edge by introducing new OLED evo TVs – adding on to the exciting 2023 lineup that also includes an OLED TV with Zero Connect Box.
      Uncovering Customer Value Based on ‘F.U.N.’ Experiences
      The company plans to prioritize customer experience (CX) and digital transformation (DX) initiatives to bring more innovation to the customer experience and to create a more customer-centric business model. The company is committed to using data-driven insights to produce new customer value based on the delivery of first, unique and new (or F.U.N.) experiences.
      LG is leveraging a variety of data to enhance its offerings and the experiences they provide. These include ‘Trigger’ – data used to develop and design the customer experience; ‘Accelerator’ – data used to map out and implement customer experience innovations; and ‘Tracker’ – data used to monitor the customer experience. The company has already launched products designed based on the above customer data, including the MoodUP refrigerator and the 42-inch OLED TV.
      LG is also using data to make production more efficient. Utilizing intelligent manufacturing systems based on digital twin technology, AI and big data, the LG Smart Park in Changwon has improved productivity by 20 percent1 while simultaneously reducing product defect costs.2 Additionally, the company’s adoption of DX is being extended to the procurement of raw materials, supply chain management (SCM) and services.
      Becoming a Brand that Moves Customers’ Hearts through Endless Innovation
      With its brand mission of Innovation for a Better Life, the company remains committed to building a better future for people and the planet. LG is also continuing its efforts to become a brand that resonates with all generations, with products and services that have unique value that speaks to everyone, regardless of demographic. In Korea, the company recently introduced experiential spaces – such as the Gold Star Arcade and ThinQ Room Escape – designed with younger customers in mind and is fostering digital communities for diverse products including LG gram, tiiun and StanbyME.
      LG’s commitment to elevating the customer experience is equaled by its dedication to environmental sustainability and accessibility. In terms of sustainability, the company plans to achieve carbon neutrality by 2030 and transition all power sources to renewable energy by 2050. And by 2030, LG aims to have used a total of 60 million tons of recycled plastics in the production of new products. E-waste collection will be expanded as well as the company strives to create a circular economy that minimizes waste and resource consumption.
      To provide appliances that are convenient for everyone to use, the company is increasing its focus on accessibility. Various efforts conducted in South Korea include the production of product manuals incorporating sign language and voice instructions, the creation of braille stickers for diverse appliance lineups and a sign language option for customer services.
      Within the company itself, CEO Cho will continue his drive to improve communications with employees and build a healthy, inclusive workplace and culture. Mr. Cho held six of his ‘CEO F.U.N. Talks’ in 2022, the sixth of which was used to deliver his year-end address. Throughout the talks, which allowed the CEO to respond to comments and questions from LG personnel in real time, Mr. Cho spoke about the importance of operating with transparency and sincerity, and always putting the customer’s needs first.
      LG is currently displaying its latest innovations at the company’s booth (#15501, Las Vegas Convention Center) at CES 2023 in Las Vegas from January 5-8.
      # # #
      1 Units produced per hour has increased by 20 percent, comparing the figures from the year 2020 to 2021 according to the lighthouse site visit report by World Economic Forum.
      2 The cost of defective product returns dropped by 70 percent from 2020 to 2021.

      link hidden, please login to view
    • By News Reporter
      SEOUL, Jan. 6, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2022. The company’s annual revenue for 2022 surpassed KRW 80 trillion for the first time in its history.
      LG reported revenues of KRW 21.9 trillion in the fourth quarter of 2022, 5.2 percent higher than the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit for the fourth quarter was KRW 65.5 billion, expected to be 91.2 percent lower than the same quarter of the previous year based on consolidated financial statements.
      LG’s annual revenue surpassed KRW 80 trillion, totaling KRW 83.5 trillion in 2022, an increase of 12.9 percent over 2021. Annual operating profit of KRW 3.5 trillion is expected to be 12.6 percent lower than the previous year.
      These figures are the 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.
      # # #

      link hidden, please login to view
    • By News Reporter
      Company’s Ultra-Premium Appliances Boast Cutting-Edge Technologies,
      Timeless Design and Outstanding Energy Efficiency
       
      SEOUL, Dec. 29, 2022 — LG Electronics (LG) will unveil its second-generation LG SIGNATURE home appliance lineup at CES 2023. Offering timeless design and innovative technologies for a more convenient, stylish and sustainable life at home, the sophisticated, new products will be on show in the LG SIGNATURE zone of LG’s booth under the theme of ‘Live Beyond.’
      Seven years after its launch, LG SIGNATURE continues to redefine ultra-premium; delivering elegant, highly-advanced appliances and living solutions that take performance, design and usability to new heights. While remaining true to the brand’s philosophy and craftsman-like quality, the second-generation lineup adds differentiated features and technologies that offer even more convenience, as well as new colors, materials and finishes that bring a sleeker, more minimalist look to the home.
      The models on display at CES will include the brand-new LG SIGNATURE 4-Door French-Door refrigerator with Dual InstaView, a washer and dryer pair with 7-inch LCD touch panels, Over-the-Range Microwave Oven with smart InstaView as well as the double Oven Slide-in Range with built-in cameras, automatic time and temperature-setting functionality. Among other LG SIGNATURE products appearing in the exhibit are an air conditioner, air purifier, OLED TV and the Wine Cellar.
      The LG SIGNATURE zone, comprising of living room, laundry room and kitchen, has been created in partnership with Italian designer furniture brand, Molteni&C. The aesthetically refined, technologically advanced products from the LG SIGNATURE range will be complemented in each stylish appointed interior scene by Molteni&C’s stunning furniture pieces.
      “LG SIGNATURE second-generation appliances combine our exclusive technologies, an array of enhanced features of convenience and efficiency, and gorgeous, modern design for a smart, sustainable and more luxurious life at home,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company.
      Visitors to LG’s booth (#15501, Las Vegas Convention Center, Las Vegas) at CES 2023 from January 5-8 will have the opportunity to see all of the company’s latest lifestyle innovations, including the LG SIGNATURE second-generation appliances.
      # # #

      link hidden, please login to view



×
×
  • Create New...