LG NOVA Selects Companies, Entrepreneurs for Second Annual Mission for the Future Program
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By News Reporter
SANTA CLARA, Calif., Jan. 2, 2024 –
link hidden, please login to view, LG Electronics’ North America Center for Innovation, will feature a range of startups from its “Mission For the Future” program in its Eureka Park showcase at CES 2024, one of the largest tech event in the world. The showcase, taking place January 9-12 in Las Vegas, will be a unique exhibition of companies working with LG NOVA to help “build a brighter tomorrow together.” The exhibiting startups vary from digital health and future tech to cleantech and the smart life, mirroring LG NOVA’s focal areas for building new ventures to create a positive impact on people and the planet. Visiting attendees will be able to experience interactive product demos and learn about the companies’ mission-driven approach to innovating for a better life.
“LG NOVA is committed to building a brighter future by supporting innovative companies working to do good,” said Sokwoo Rhee, Head of LG NOVA and Executive Vice President of Innovation at LG Electronics. “Our exhibit at CES showcases our collaboration with startups and those across the innovation industry to create and build new businesses for the future. We invite all interested in joining our mission to transform the future to visit us at CES to learn more about how they can work with LG.”
Companies participating in LG NOVA’s showcase include:
– Integrates immersive XR technology, licensed clinicians, and advanced data analytics on one platform, providing a comprehensive therapeutic care solution for patients to receive treatment from the comfort of their homes. – A sensor-based technology platform that can use a camera in patient-owned devices to virtually capture health and biological readings to assist doctors in enhancing medical diagnosis and treatment effectiveness. – Health tech company on a mission to innovate AI-powered software for the early detection and monitoring of retinal and neurological conditions. – A startup that recycles plastic waste into furniture and also water, fire and heat resistant bricks used to build low cost houses and to address homelessness housing deficit. – An AI software platform with emotional intelligence technology that enables more human-like interactions and improved personalization. – AI-based avatar creation and chatbot linkage solution used in various industries. – Leverages the power of augmented reality and AI to create a personal expert for everyone. – Where play meets potential through AI-driven immersive edutainment platform and robotics to transform childhood learning. – Provides greater digital accessibility to people with disabilities. Its Key-X, a multifunctional Smart Keyboard enables people with motor limitations to fully control a computer and other digital devices. LG NOVA collaborates with startups and partners to build innovative ventures that have a positive impact on people and the planet. Through its Mission for the Future and Commercial Acceleration Programs, LG NOVA drives the growth of innovative ideas across the ecosystem to create transformational positive change in the world. LG NOVA is now accepting applications for its program. Companies interested in learning more can go to .
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By News Reporter
Record Revenues, Strong Profitability Provide Solid Foundation for
Pursuing Mid- to Long-term Growth Through Advancement of Business Portfolio
SEOUL, July 27, 2023 — LG Electronics Inc. (LG) today announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion.
The company recorded the highest second-quarter revenues in company history. The second-quarter results underscore the success of the company’s strategy to drive continuous growth while strengthening its business competitiveness. The record revenue reflects the company’s actions to fundamentally improve its business structure by pursuing new platform-based service businesses and continuously expanding the business-to-business (B2B) segments. Profitability also was strong, although operating income was 6.3 percent lower than the second quarter last year, primarily due to a one-time second-quarter 2023 provision.
The company plans to drive further profitability improvements by optimizing efficiencies and by preemptively meeting market demands through enhanced demand forecasting and manufacturing competitiveness. LG also plans to continuously strengthen its online brand store and direct-to-consumer businesses.
The LG Home Appliance & Air Solution Company generated second-quarter revenues of KRW 7.99 trillion and an operating profit of KRW 600.1 billion. Despite intensified market conditions, the business unit recorded strong profitability on the back of increased sales of high-demand products such as air conditioners and energy efficient heat pump-enabled products. The operating profit increased by 40 percent from the previous year, reflecting efficient cost structure management. The company will leverage its high-efficiency innovations including heat pumps and ESS as demand for green technologies grows in Europe, North America and around the world. At the same time, the company sees the electrification trend as an opportunity for future growth in the HVAC business. In the third quarter, the company will launch new LG ThinQ UP 2.0 home appliances featuring hyper-personalization, subscriptions and services. Certain mass-tier appliance lineups also will be expanded in response to market changes. The company plans to lead a paradigm shift in the home appliance industry by combining service-based business models with differentiated product competitiveness, while continuing efforts to increase efficiencies in production, purchasing and logistics for stable profitability.
The LG Home Entertainment Company recorded second-quarter revenue of KRW 3.15 trillion and an operating profit of KRW 123.6 billion. As challenging business conditions persist for the worldwide consumer electronics industry, the company continued to focus on improving operational efficiency and improving profitability by growing the content and service businesses based on LG’s webOS smart TV platform. The company intends to transform its TV business portfolio into a “media and entertainment service provider” by expanding content, services and advertising in differentiated products. The business unit also intends to solidify LG’s leadership in the ultra-large-screen TV market with the launch of the 97-inch LG SIGNATURE OLED M, the world’s first “wireless” consumer TV with Zero Connect technology. Also driving the premium TV market are expanded sales of the company’s popular new Lifestyle Screens.
The LG Vehicle component Solutions Company‘s second-quarter revenue was KRW 2.66 trillion, the highest second-quarter revenues in company history. However, an operating profit was KRW 89.8 billion excluding non-recurring expenses such as one-off provision, achieving the highest second-quarter operating profit in terms of business performance. But after the company’s operating profit margin included the one-time provision of KRW 151 billion, related to General Motors’ recall of the Chevy Bolt EV, it resulted an operating loss of KRW 61.2 billion. This provision reflects the increases in material costs that occurred during the recall period.
The business unit will continue its growth momentum by focusing on expanding its high value-added and high-performance business. The company’s order backlog is expected to reach KRW 100 trillion by the end of the year, leading to sequential sales conversion resulting in profitable growth. In particular, in terms of profitability, it is positive that the company is experiencing economies of scale from sales expansion. As steady increase of electric vehicle demand is expected in the future, the company will actively seek new opportunities in future mobility areas, such as autonomous driving, software solutions and content, while securing stable profitability by expanding the portion of high value-added and high-performance products supplied to key automotive customers around the world.
The LG Business Solutions Company saw improved second-quarter revenues of KRW 1.33 trillion with an operating profit of KRW 2.6 billion. Both revenue and operating profit declined slightly from the same period last year due to the persistent softening of demand for IT products. From the third quarter, demand for IT products is expected to show a gradual recovery compared to the first half. In the midst of this, LG plans to actively expand sales of monitors and laptops equipped with gaming features and OLED displays. In the commercial display business, the company will seek opportunities for further growth with customized solutions for various vertical markets, from hospitality and health care to education, retail and corporate.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 27, 2023, 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
Highest Second Quarter Revenue With
Steady Growth Based on Strong Fundamentals
SEOUL, July 7, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2023.
LG reported revenues of KRW 19.9 trillion in the second quarter of 2023, the highest second-quarter revenue, with operating profit of KRW 892.7 billion, the second highest second-quarter operating profit in the company’s history.
The revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment, even as profitability was impacted by the challenging global economic conditions and intensifying competition in the market. Operating profit increased by 12.7 percent compared to the same quarter last year, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness.
The LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high demand products such as air conditioners and energy efficient heat pump-enabled products as well as energy storage systems.
Despite the challenging global economic conditions, the LG Home Entertainment Company is achieving meaningful growth of content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.
The LG Vehicle component Solutions Company is continuing the growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions. The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.
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
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.
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By News Reporter
Fueled by its unwavering commitment to putting a warm smile on the faces of people from all walks of life, LG is constantly innovating to reimagine and reshape their future so that they can live better through an inclusive society and flourishing environment.
To inspire and collaborate with the like-minded innovators responding to the world’s most imminent challenges with their novel ideas, in September, LG opened up applications for its first-ever LIFE’S GOOD AWARD.
True to its name, this challenge solicited innovative solutions aligning with LG’s goal of creating a Better Life for All in two areas: Innovation for the Planet, which targets solutions that help preserve and repair the environment, and Innovation for People, solutions that prioritize safety, usability and accessibility for users of varying abilities and disabilities.
This initiative was the perfect opportunity to build on LG’s philosophy of open innovation, as it brought together over 334 creative minds from 61 countries of the globe to share their potentially world-changing ideas. With entrants competing against a one-in-a-hundred chance, this challenge showed just how many brilliant minds resonate with LG’s vision for a sustainable world, no matter where they hail from.
The successful culmination of the link hidden, please login to view applications shines a bright light on the new direction LG is headed to adopt more sustainable business practices. The company is now turning its attention to widening the platform of opportunities and resources to invite people from all backgrounds to join its virtuous cycle of positive impact.
Adding even more expertise and fairness to the award is B Lab Korea, a non-profit with ample know-how in measuring and certifying a business’s social impact, which in partnership with LG has been tasked with evaluating applications based on their impact, innovation and feasibility – LG’s own criteria for innovations for a better life.
For the fairest, most knowledgeable evaluation process, LG enlisted the help of respected academics across various industries to join its executives on the judging panel, dubbed the Life’s Good Committee. This diverse talent pool of budding innovators, entrepreneurs, business professionals and renowned scholars perfectly demonstrates how society can come together as one to pave a better future for the people and their planet.
The grand finale will be held in January, with the three finalists set to be announced at CES® 2023 and final pitches to be made in the following weeks. Although the end is in sight for the inaugural innovation challenge, LG’s collective journey towards a Better Life for All will continue for many years. With a commitment to ensuring Life’s Good in everything it does, LG continues to foster new possibilities for society and the planet.
To keep up to date with the latest news, stay tuned to the .
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