LG Electronics aims to invest $39.5 billion (50 trillion won) in research and development, facilities, and strategic investments to achieve $79 billion (100 trillion won) in sales by 2030.
It marks a significant shift for the company, transforming it from a home appliance and electronics goods maker into a platform-based technology company, TechCrunch reports.
The company's new strategy focuses on bolstering service platforms for its home appliances, including TV products and white goods, while strengthening its business-to-business (B2B) units by leveraging its experience in the consumer market.
LG plans to accelerate growth in emerging areas like electric vehicle (EV) charging and digital healthcare.
The decision to pursue this new direction comes after LG closed its loss-making mobile phone business globally in 2021.
The company now prioritizes smart homes, connected devices, Internet of Things (IoT) solutions, B2B offerings, EV components, robotics, artificial intelligence (AI), and platforms.
William Cho, CEO of LG Electronics, stated that the company aims to transform into a smart life solutions company that connects and expands on customers' spaces and experiences, going beyond its current position as a leading home appliance brand.
LG plans to offer webOS, its operating system for smart TVs, as a service platform provider. The company already sells nearly 200 million smart TVs equipped with webOS, offering customized advertising and access to TV and entertainment content from a wide range of broadcasting channels and partners globally.
In addition to its focus on home appliances and TVs, LG is considering the development of a home energy platform that integrates HVAC (heating, ventilation, and air conditioning), energy storage systems (ESS), and EV chargers.
LG Electronics expects to achieve record-breaking revenue of 19.9 trillion won ($15.2 billion) for the April-June quarter, the highest in the company's history. The full earnings report will come out at the end of July.
