LG Transforms Into a Smart Life Solutions Company

LG Electronics has announced its vision to transform into a "smart life solutions company" and aims to generate global annual revenue of KRW 100 trillion by 2030. CEO William Cho shared this vision during a speech at LG Sciencepark in Seoul, South Korea.

LG's strategy for achieving this goal is based on three growth engines: developing new platform-based service businesses through business portfolio expansion, accelerating business-to-business (B2B) initiatives, and exploring new business areas such as electronic car charging and digital health. The CEO highlighted the importance of electrification, servitization, and digitization as key milestones for LG's rapid mid- and long-term growth.

Cho emphasized that LG aims to go beyond its current position as a top home appliance brand and transform into a company that connects and enhances customers' diverse spaces and experiences. The company plans to reinvent its work processes and communication methods to achieve this vision.

In addition to the strategic direction, LG has set financial targets for itself. It aims to achieve the "Triple 7," which includes an average growth rate of 7 percent or more, an operating profit, and an enterprise value to EBITDA ratio of 7. The company aims to increase its sales from KRW 65 trillion in the previous year to KRW 100 trillion by 2030. The goal is to establish LG as a market leader and gain recognition from customers and the industry.