By News Reporter
Company to Present Vision of Reimagined Technology, Lifestyles and
Experiences as the Tradeshow Makes Offline Return
SEOUL, Aug. 15, 2022 — LG Electronics (LG) invites consumers from around the globe to experience its latest innovations up-close and in-person at IFA 2022 in Berlin, Germany (September 2-6). Under the theme of Life, Reimagined – with the booth displaying LG’s vision of reimagined technology, rediscovered lifestyles and redefined experiences – the company will introduce an array of products that break new grounds in technology advancement as well as unique, new solutions and services designed to deliver unparalleled customer experiences.
LG is thrilled to be returning to Berlin for IFA for the first time since 2019. Europe’s premier consumer electronics tradeshow is back on the ground in the German capital after a two-year hiatus and ready to again wow visitors from all over the world.
During IFA 2022, visitors can discover LG’s latest innovations, and learn how the company is reimagining the customer experience, at its booth in Hall 18 at Messe Berlin. Those who cannot attend IFA in person can still explore the LG booth by checking out the LG Booth video, which will be uploaded on the LG Global YouTube channel (
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By News Reporter
To Give Corporate Customers the Level of Protection they Demand, Company is
Applying Reliable Anti-Eavesdropping System to Latest Digital Signage Solutions
SEOUL, Aug. 11, 2022 — LG Electronics (LG) is introducing an innovative eavesdropping detection solution for its commercial signage products. Going forward, the cutting-edge security system will be applied to the company’s flagship models, including LG LED All-in-One, LG LED Bloc and LG MAGNIT, as well as select video walls and UHD signage products supporting webOS 4.1.
As demand for commercial signage products expands across multiple industries, so does the need for related technologies that serve the needs of companies operating in different sectors. Although counter-surveillance is important in every sector, some entities such as corporates, government agencies, national institutions and the military prioritize confidentiality and the protection of personal information. LG, in partnership with high-tech security technology provider
link hidden, please login to view, has addressed this growing need by installing a dedicated app that runs with GITSN’s eavesdropping detection terminal in LG’s smart signage platform, webOS. The new eavesdropping detection function displays a warning icon on screen in real time as soon as it detects any abnormal signal. The system utilizes simple icons to keep attendees updated on just how secure they are at all times. Moreover, LG’s webOS-based detection function, which can cover multiple conference/control rooms at once, analyzes every inch of a potential risk fast and accurately to alert those in charge immediately.
“LG’s newest solution detects various potential, unexpected risks and reports it immediately, while also bringing the company’s security management up to date,” said Paik Ki-mun, senior vice president and head of the Information Display business unit of LG Electronics Business Solutions Company. “LG will continue to introduce the high-definition display solutions that not only express the most vivid colors and clear images to date, but also let consumers feel safe while they use them.”
The latest signage solution will be available in the third quarter of 2022, starting with key markets in Middle East and Asia, with other markets to follow.
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By News Reporter
Highest Second-Quarter Revenue in Company’s History Reflects
Sales Growth for Premium LG Home Appliances and Auto Parts
SEOUL, July 29, 2022 — LG Electronics Inc. (LG) announced its highest-ever second-quarter revenues, reflecting strong sales for LG home appliances in key regions and the profitable growth of LG’s vehicle components business as the global automotive industry rebounds.
LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was KRW 792.2 billion, 12 percent lower than the same quarter last year, largely due to supply chain challenges and higher logistics costs.
Given the business impact of the evolving state of the pandemic and economic conditions, LG is leveraging its comprehensive business portfolio, expanding sales from premium to mass-tier products and growing business-to-business areas such as auto parts.
The LG Home Appliance & Air Solution Company reported revenues of KRW 8.07 trillion in the second-quarter, first time in LG’s history for a single business unit to exceed quarterly revenues of KRW 8 trillion. Operating profit was KRW 432.2 billion. Revenues increased 18 percent from the second quarter a year ago, mainly driven by stronger sales of premium appliances and new categories such as hygiene products using steam technology in the key regions of North America and Latin America. The business unit plans to continue its momentum by improving competitiveness of premium products and strengthening its mass-tier lineup.
The LG Home Entertainment Company recorded revenues to KRW 3.46 trillion in the second quarter with operating loss of KRW 18.9 billion reflecting increased marketing investments in response to intensified market conditions. LG’s Home Entertainment strategy will center on effectively managing marketing expenses and growing the premium TV segment, particularly around peak selling seasons including the FIFA World Cup and holiday.
The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 2.03 trillion, a 19 percent increase from the same period of 2021, leading the business unit to be profitable for the first-time. The significantly higher sales were driven by LG proactively responding to higher demand from automakers with efficient supply chain management. With the cloud of uncertainty created by inflation and geopolitical risks, the company will continue to build strong relationships with global automakers along with strong cost structure management to further improve profitability.
The LG Business Solutions Company recorded solid second-quarter revenues of KRW 1.54 trillion with operating profit of KRW 14.3 billion. Revenues increased 19 percent from a year ago largely on the back of recovery of the business-to-business segment. The company plans to aggressively target the rebounding B2B segment by developing more customized solutions and expanding its product portfolio for stable growth.
Discontinued Operations: Second-quarter financial results from LG’s solar panel business, which closed in June as previously announced, are being treated as a loss from discontinued operations.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 29, 2022 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
Companies Aim to Improve the In-Vehicle Experience via Seamless Integration of
Virtual Assistant into LG’s Infotainment Solutions
SEOUL, July 28, 2022 — LG Electronics (LG) has signed a memorandum of understanding with SoundHound AI, Inc. (SoundHound), a global player in voice artificial intelligence (AI), to jointly develop advanced voice AI technology for the next-generation of in-vehicle infotainment (IVI) systems.
The partnership will leverage LG’s innovative IVI systems and SoundHound’s advanced voice AI platform, which enables conversational voice control, to bring an up-to-dated convenience to the driver and passenger experience.
As an intelligence driven consumer electronics and IT business, LG has been trying to inspire the auto industry with new form-factors. Simultaneously, LG always pursues an innovative partner for the future of mobility.
SoundHound’s advanced voice AI platform is built on Speech-to-Meaning® and Deep Meaning Understanding® technologies. These technologies enabled the evolution of voice experience from a legacy command-and-control interface to a more intuitive conversational functionalities for drivers and passengers.
This new collaboration will also allow users to take advantage of SoundHound’s voice commerce partnerships – meaning drivers and passengers will be able to pay for gas, parking or even order food directly from their vehicles, simply by using the microphone and infotainment display. Such voice-enabled commerce could help OEMs build new revenue streams via their connected vehicles.
Voice recognition is beginning to see much wider adoption in the auto segment, after initially being available only as an optional extra in select luxury vehicle models. As safety and ease-of-use being enhanced, voice AI technology will make it possible for carmakers to provide a range of services that will allow drivers to perform a variety of tasks hands-free and without taking their eyes off the road. Its wider implementation will also improve any commute or journey for those occupying the passenger seats as well.
With the virtual assistant market expected to grow considerably over the next decade, more automakers are recognizing the need to bring voice recognition features to their vehicle programs. In order to meet the anticipated rise in demand and move the technology forward, LG has partnered with the SoundHound. The two companies aim to bring innovative, new voice functionalities and capabilities to LG’s next-gen IVI systems to change the in-vehicle experience for the better life.
“We’re excited to collaborate with SoundHound and look forward to providing new in-vehicle experiences through seamlessly integrating its voice AI platform with our latest IVI system architecture,” said Eun Seok-hyun, president of the LG Vehicle component Solutions (VS) Company. “This partnership will allow us to better meet the needs of our auto industry customers and create innovative solutions that will help driving the future of mobility.”
“Our agreement with LG will allow auto manufacturers of all sizes to deliver the kind of voice-enabled infotainment experience that users have come to expect in every part of their lives,” said Keyvan Mohajer, president and CEO of SoundHound. “We’re entering an era where people are beginning to expect to talk to devices in the way they talk to each other, and that those interactions will be helpful and proactive. This experience is enabled by the most advanced voice AI technology.”
Based in Santa Clara, California, SoundHound is a leading innovator in AI-based voice recognition and natural language processing solutions, operating across various industries including audio, telecommunications, financial services and automotive.
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By News Reporter
For a responsible corporate citizen, running a global business means not only providing quality products and services to customers worldwide, but also making a positive social impact around the planet. With an enduring vision to better customers’ lives, LG strives to pursue sustainable innovation in all areas of its diverse business operations.
As the pressing problems of our environment and society accelerate with the changing times, corporations’ sustainable strategies must evolve accordingly. Recognizing this, LG has unveiled its
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LG’s newly revealed sustainable vision aligns perfectly with the phrase, Better Life for All. While LG has consistently shown its commitment to providing a better lifestyle for customers through its innovative products and services, the catchphrase signifies yet another step forward for the company. Henceforth, LG is expanding the scope of its sustainable practices to not only create a better life for its customers, but for the environment, employees, suppliers and for one and all who call this planet home.
With regard to sustainability, Better Life for All outlines LG’s new focus on creating a regenerative environment for the better well-being of all lives by establishing a circular economy – a term describing a production and consumption model that minimizes waste and the extraction of new resources.
The company is ultimately moving on from aiming to do less environmental harm within the traditional linear economy – a system where materials are processed into products and then thrown away after use – to creating an altogether new business process that promotes the recirculation of finite resources. With the new initiative, LG is redirecting more of its environmental efforts to retrieving and recycling used products.
Better Life for All also embodies LG’s commitment to realizing a more inclusive and diverse society by embracing differences, and by forming close-knit circles of alliance with company employees, corporate partners and stakeholders.
While LG has always endeavored to work closely with partners in its pursuit of sustainability, the company is further establishing guidelines to better collaborate with supply chain partners, nurture a more embracive corporate culture and introduce products that are accessible to all.
The company’s efforts in ongoing business practice involve C-Level executives’ leadership and collaboration with corporate partners and other entities which share LG’s goal of Better Life for All.
As with its vision, the company’s specific sustainability goals and plans for implementing related practices have constantly evolved over the years. In 2021, LG established a comprehensive framework for its sustainable practices. Key initiatives were re-established and categorized according to a new ESG structure, and corporate ESG communication guidelines were instituted for the first time.
This year, LG has further refined its far-reaching program of ESG initiatives in the recently announced ‘BETTER LIFE PLAN 2030.’ With ‘BETTER LIFE PLAN 2030’, LG is pursuing about a range of initiatives under the broad categories of ‘Environment’ and ‘Society’.
Stay tuned to Beyond News for the next story, which will look at how LG is fostering a greener and cleaner environment through the first three ESG Initiatives. You can find the 2021-2022 LG Electronics ESG STORY BOOK and FACT BOOK .
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