khaskhabar.com : Saturday, July 15, 2023 2:28 PM
New Delhi. LG Electronics aims to spend $39.5 billion on R&D, facilities and strategic investments and reach $79 billion in sales by 2030, up from $51.4 billion last year.
The company aims to double the sales of its heating, ventilation and air conditioning (HVAC) business by 2030 and become a global top-tier comprehensive air conditioning company.
LG Electronics (LG) announced its vision to transform from its current position as the top global home appliance brand to a “smart life solutions company”, aiming for global annual revenue of 100 trillion South Korean Won by 2030. To enhance the diverse experiences of customers.
In a statement, the company’s CEO William Cho said, “LG will continue its bold vision to transform and grow as a smart living solutions company that connects and enhances customers’ diverse spaces and experiences, rather than just May it hold on to its current position as the best home appliance brand offering quality products.”
“We will build a brand new LG by redefining the way we work and communicate to achieve this goal,” he added.
In the initial phase, by the end of this year, the company is going to make a big change in the TV business based on its webOS operating system. More than 200 million smart TVs worldwide have webOS.
The company will invest more than one trillion South Korean won over five years to strengthen content competitiveness and fuel the growth of LG Channels, an advertising-based free broadcast platform.
LG plans to accelerate future growth by selecting and focusing on new businesses that are expected to have equally high growth potential.
The company is also continuing its strategic investments in digital healthcare.
It added, “LG’s EV charging business aims to provide an integrated solution that includes not only the sale of chargers, but also the control area.”
Cho said LG will focus on customer experience as the three pillars to shift to platform-based service business model, accelerate B2B areas and procure new growth engines based on competitive edge.
The proportion of these three pillars in sales and operating profit is expected to increase to more than 50 per cent by 2030.
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