LG Electronics has revealed its new platform-based digital transformation plan, aiming to reach $79 billion in sales by 2030 through greater investments in R&D, infrastructure, and strategic initiatives. The South Korean firm intends to set aside $39.5 billion for these purposes. LG will concentrate on improving its home appliance service platforms, extending its business-to-business (B2B) units, and speeding growth in areas such as EV charging and digital healthcare.
LG discontinued its global mobile phone business in 2021 to focus on smart homes, connected devices, the Internet of Things (IoT), B2B solutions, EV components, robots, AI, and platforms. The company intends to expand beyond its position as a premier home appliance brand by establishing itself as a provider of smart life solutions. According to LG CEO William Cho, the company intends to provide webOS as a service platform provider, offering it to various TV manufacturers and incorporating it into digital signage and car displays.
LG has been aggressively extending its position in emerging markets through acquisitions, in addition to internal activities. It has purchased companies such as ZKW, a South Korean EV battery charge developer, Alphonso, a US ad tech firm, Cybellum, an automobile cybersecurity startup, and AppleMango, a South Korean EV battery charge provider. LG is also looking into prospects in digital healthcare through collaborations with its internal startup incubator, LG Nova, and wants to set up a venture capital section to help companies.
LG Electronics just announced that it expects revenue of 19.9 trillion won ($15.2 billion) for the April-June quarter, the biggest in the company’s history. The comprehensive results report for the corporation will be revealed at the end of July.
