Daisy Watts
Nov 28, 2023
The prominent South Korean company LG Electronics Corporation, has set a challenging revenue goal of 100 trillion won ($77 billion), which the company aims to earn by the year 2030.
Besides this target, the company aims to make investments amounting to about 50 trillion won. The proclamation of LG's strategic vision comes with the goal of revolutionising its range of business operations and positioning itself as a worldwide top 10 cooperation in the field of automotive parts.
LG Electronics has the ambition to more than double its sales to 20 trillion won by 2030, in the vehicle components segment. At the same time, the company wants to buttress its existing service platforms in the categories of home appliance and TV businesses, taking benefit of prospects for cyclical profits through media services subscriptions and rentals.
CEO William Cho, during a press conference, said: "LG Electronics will transform its business portfolio, increase profits by growing in business-to-business, and transition to a service business. We will not rest on our past success in home appliances."
Additionally, LG aims to extend into new markets, such as digital healthcare and electric vehicle charging. These new targets will contribute to the company's growth and diversification.
To achieve its strategic goals, LG will vigorously explore inorganic growth prospects, such as mergers, acquisitions, and joint ventures (JVs). These partnerships will empower the electronic devices-producing giant to expand its presence and capabilities in numerous industries.
