Skip to main content

LG Electronics Targets $77 Billion Sales by 2030, Aims to Enter List of Top 10 Global Vehicle Component Firms

LG Electronics said on Wednesday it is targeting KRW 100 trillion (roughly Rs. 6,33,791 crore) in sales by 2030 and plans some KRW 50 trillion (roughly Rs. 3,19,007 crore) of investment as the South Korean company announced its future strategy.

It plans to become a global top 10 company in vehicle components by more than doubling revenue to KRW 20 trillion (roughly Rs. 1,27,595 crore) by 2030, while strengthening service platforms on its home appliance and TV businesses that generate recurring profits, such as media subscriptions and rentals.

"LG Electronics will tranform its business portfolio... increase profits by growing in business-to-business, and transition to a service business," CEO William Cho told a press conference.

"We will not rest on our past success in home appliances."

LG also plans to enter new markets such as electric vehicle charging and digital healthcare.

To achieve its goals, LG said it will actively consider inorganic growth such as joint ventures, mergers and acquisitions.

LG said it aims for an operating profit margin of 7 percent by 2030.

In 2022, LG reported about KRW 65 trillion (roughly Rs. 4,14,761 crore) in consolidated sales excluding affiliate LG Innotek, which makes device components such as camera modules for smartphones.

LG said it expects the order backlog of its fast-growing Vehicle component Solutions, the company's newest business division, to approach KRW 100 trillion (roughly Rs. 6,38,323 crore) by end-year, with those revenues spread over many years.

That would be up from more than KRW 80 trillion ($61.72 billion) as of end-March, according to an eBest Investment & Securities report on Monday.

Vehicle component Solutions, which also makes infotainment systems and lamps, turned to profit last year and reported KRW 2.4 trillion (roughly Rs. 15,317 crore) in sales in the January-March quarter.

On Friday, LG Electronics estimated its second-quarter operating profit rose 12.7 percent from a year earlier to KRW 892.7 billion (roughly Rs. 5,697 crore), its second-largest April-June quarter profit ever.

The only time LG announced a higher second-quarter profit was in 2021.

© Thomson Reuters 2023

OnePlus Nord 3 brings some serious upgrades over its predecessor, including some flagship-grade specifications. We discuss this and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/eylNq9z
Labels:

Comments

Post a Comment

Popular posts from this blog

Itel P55 With Dual Rear Cameras, 5,000mAh Battery Launched in India: Price, Specifications

Itel P55 5G was launched in India on Tuesday and it claims to be the cheapest 5G smartphone in the country. The phone is powered by an octa-core Dimensity chipset and supports wired fast charging. It carries an AI-powered dual rear camera unit and is offered in a single storage variant along with two colour options. Itel India also introduced the Itel S23+ alongside, and is a budget smartphone with a curved AMOLED display. The company is extending a two-year warranty on the handsets and is also offering free screen replacement within 100 days of purchase. Itel P55 5G price in India, availability Offered in Blue and Green colour options, the singular 8GB + 128GB variant of the Itel P55 5G is priced at Rs. 9,999. The phone will be available for purchase via Amazon India starting October 4. Itel P55 5G specifications, features Sporting a 6.6-inch HD+ (1600 x 700 pixels) display, the dual nano SIM-supported Itel P55 comes with a refresh rate of 90Hz. The phone is powered by an octa-co...
Post a Comment
Read more

The 53 Most Anticipated Movies of 2023

What are the biggest movies of 2023? From Hollywood, we are expecting nine DC and Marvel superhero movies. (After a long time, DC has more titles on the calendar than Marvel Studios). A new Ant-Man, Aquaman, Flash, Shazam, Captain Marvel, Spider-Verse, and Guardians of the Galaxy film is on the docket for 2023 — Jason Momoa, Brie Larson, Chris Pratt, and Paul Rudd jump into spandex again — along with the first Kraven and Blue Beetle movies. Speaking of firsts, Mario, Gran Turismo, and Dungeons & Dragons are looking to launch new franchises in 2023, with the help of Pratt, Chris Pine, and David Harbour. We even have a live-action Barbie movie, with Margot Robbie, on the way. Beyond that, we have a second Dune entry with Timothée Chalamet and Zendaya, a third entry in the Rocky spin-off Creed with Michael B. Jordan, the fourth John Wick film with Keanu Reeves, a fifth Indiana Jones movie with Harrison Ford, a seventh Transformers and Tom Cruise-led Mission: Impossible, and the tenth...
Post a Comment
Read more

Samsung Galaxy S24 Series Could Come With Exynos SoC in Europe, Galaxy S24 Ultra Storage Options Tipped

Samsung will reportedly launch the successor to the Galaxy S23 series early next year. While the smartphones are still months away from their debut, several rumours and leaks have revealed expected specifications and features of the purported Galaxy S24 series. The Galaxy S24 series will likely comprise a Galaxy S24, Galaxy S24+, and a Galaxy S24 Ultra. Now, details of the phones' processor and their storage options has been leaked online. The phones are tipped to get an Exynos processor in Europe. A new leak by tipster Ice Universe (@UniverseIce) revealed that the Galaxy S24 series will ship in Europe with the Exynos 2400 SoC with cores clocked at a speed of 3.16GHz, 2.9GHz, 2.6GHz, and 1.95GHz. Additionally, the tipster went on to reveal some more details about the purported smartphones. The Galaxy S24+ is said to come with a WQHD+ screen with 3120x1440 resolution whereas all three models will offer a peak brightness of 2,500 nits. The tipster has also teased the renders of...
Post a Comment
Read more