LG Takes Gaming Immersion Next-Level With World’s First Bendable 42-Inch OLED TV
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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
Leader in Mobility Sector Innovation, Company Exhibits Its Cutting-edge Technologies,
Provides Insights into Evolution of Software-defined Vehicle at EVS37
SEOUL, April 23, 2024 — LG Electronics (LG), a respected mobility sector innovator, is participating in the 37th Electric Vehicle Symposium & Exhibition (EVS) at COEX in Seoul, South Korea, from April 23–26. Hosted by the World Electric Vehicle Association (WEVA), EVS has a proud 55-year history and continues to attract top manufacturers, academics and thought leaders from around the globe. At EVS37, themed ‘Electric Waves to Future Mobility,’ LG will showcase its latest electric vehicle (EV) technologies and solutions, including batteries, charging systems and EV components.
This year’s event will play host to more than 600 booths, with an anticipated attendance of more than 1,500 EV experts and approximately 250 companies. LG Electronics, in conjunction with its sister companies LG Energy Solution, LG Innotek and LG Display, is presenting an array of cutting-edge technologies across key areas of innovation. These range from core EV parts and systems to safe and efficient batteries and chargers. With its diverse portfolio of interrelated and complementary solutions, LG aims to play a significant role in driving the future of mobility.
Visitors to LG’s booth at EVS37 will have the opportunity to see the company’s premium in-vehicle infotainment (IVI) system. Employing plastic-OLED (P-OLED) display technology, LG’s system seamlessly unites three displays – an instrument panel, center information display (CID) and co-driver display (CDD) – to create a futuristic and elegantly curved panoramic screen. The much-in-demand system, which also incorporates LG’s exclusive curved glass molding, surface treatment and display bonding technologies, can already be found in a premium EV model from one of world’s top automakers.
LG is also introducing its Automotive Content Platform (ACP) powered by webOS. Designed to elevate the in-vehicle experience, the new platform enables front and backseat passengers to enjoy high-quality video, game and music content while travelling to their destination. Based on the acclaimed webOS platform for LG Smart TV and tailored for in-vehicle use, the ACP powered by webOS offers easy access to a variety of popular OTT apps as well as convenient control and personalized content recommendations. Launched at the end of last year, the LG ACP was initially integrated into Hyundai Motor and Kia’s new Genesis GV80 and GV80 Coupe.
LG Magna e-Powertrain, a joint venture between LG and Magna, is showcasing its innovative products to the public for the first time at EVS37. Among its offerings are an 800V high-speed hairpin motor capable of producing a 250kW output, an 800V SiC inverter that controls motor with electric energy from the battery and an 800V IPGM drive system integrating a motor, inverter and gearbox.
As part of the lecture and discussion series taking place at EVS37, LG will present its insights into the challenges of realizing the software-defined vehicle (SDV) – and introduce its technological solutions for overcoming them. Among the scheduled speakers are research fellows from the R&D laboratory at the LG Vehicle component Solutions Company Hong Hyun-taek, Park Young-kyung and software business leader Lee Jun-nyung. Additionally, LG’s R&D experts will demonstrate how the company is developing vehicle-interior sensing technology that will enhance the overall SDV user experience.
“A recognized leader in advanced vehicle components, LG is excited to unveil its flagship solutions to the public, and share its considerable insight at EVS in Seoul,” said Lee Sang-yong, senior vice president of the R&D laboratory at LG Vehicle component Solutions Company. “Through our cutting-edge technologies, and via strategic collaboration with affiliates and industry partners, we will continue to meet the needs and exceed the expectations of OEMs and end-users.”
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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
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
Every gamer, casual and professional alike, will admit that victory or defeat is decided by a second, and sometimes even less. The best opportunity to demonstrate the power of the new LG UltraGear OLED gaming monitor (model 27GS95QE) was at the annual gaming celebration – IEM Expo, held in conjunction with Intel® Extreme Masters Katowice 2024 in Poland.
LG UltraGear gaming monitors have long been recognized for their gaming features. LG collaborates with Gen.G Esports, one of the biggest esports organizations in the world, and LG UltraGear gaming monitor is also an official display of the League of Legends EMEA Championship (LEC) 2023.
(Photo credit: Helena Kristiansson, ESL FACEIT Group)
Held annually since 2013, Intel Extreme Masters in Katowice is an opportunity for Counter-Strike and Starcraft® II fans to meet. This year, the prize pool for the top teams of the final was USD 1,500,000 for both tournaments. Team Spirit’s dominant victory was driven by one of the best professional tier 1 Counter-Strike debuts of all time following an incredible performance from Team Spirit’s 17-year-old prodigy Danil “donk” Kryshkovets.
The fastest-selling IEM Katowice tournament in history, the event saw a peak viewership of over 972,000 for Counter-Strike 2 and more than 77,000 for StarCraft II, according to escharts.com. The sold-out Spodek Arena and MCK Auditorium welcomed over 65,000 fans across four days of live StarCraft II competition, and three days of Counter-Strike action, complemented by IEM Expo.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
With its involvement in the Intel Extreme Masters Katowice 2024, LG Electronics Poland has shown its commitment to providing gamers with the highest quality gaming monitors and allowing them to check the quality of the monitors with their own eyes.
Visitors to the booth, which featured 16 LG UltraGear OLED gaming monitors, could see for themselves such a difference the use of self-luminous pixel technology makes.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
The LG UltraGear OLED gaming monitor (model 27GS95QE) has a 26.5-inch OLED display with high refresh rates (240Hz), fast response times and outstanding picture quality with Quad-HD (2,560 x 1,440) resolution. Already traditional for the LG UltraGear series, the monitor supports the AMD FreeSync Premium Pro and NVIDIA G-SYNC standards for a smooth gaming experience. Fans of adventure or sports games will appreciate the HDR support, guaranteeing a display with a wide tonal range that are VESA DisplayHDR True Black 400 certified. In addition, the monitor screen is bezel-free, allowing users to see every detail and enjoy full immersion.
And, with Anti-Glare & Low Reflection coating, LG UltraGear OLED gaming monitor ensures users won’t be distracted by glares on the display, even in areas illuminated by vivid lights.
LG UltraGear OLED gaming monitors offer features and capabilities that take the entire gaming experience to the next level. LG will continue to enhance the strong reputation of the UltraGear brand by engaging with special gaming and e-sports projects and creating innovative products that put the needs of gamers first.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
Contributed by LG Poland
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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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