LG to focus to EV business this year

LG to focus to EV business this year
LG to focus to EV business this year

The EV business is cautiously expected to grow significantly this year to top 10 trillion won ($7.8 billion) in sales

LG Electronics’ focus on the (electric vehicle) EV business for the past decade has started to bear fruit, says the company’s chief executive officer Cho Joo-wan.

“Our EV business has made a turnaround 10 years after we entered the market,” CEO Cho Joo-wan said during a press briefing here at CES 2023. “Now that the business is on the highway, all there is left to do is to step on the accelerator.”

The tech company forecast its EV business to have turned to a profit last year and to continue to make profits throughout the New Year.

The CEO’s positive outlook is backed by the head of the EV business.

The EV business is cautiously expected to grow significantly this year to top 10 trillion won ($7.8 billion) in sales, says Eun Seok-hyun, president of LG’s vehicle component solutions division who also attended the briefing.

“The EV parts business is in a period of rapid change where technologies of many other industries are integrated and converge.”

He said LG has a competitive edge over other industry players with its excellent expertise in customer experience. “Based on that, we can proactively make suggestions on order-to-make products for our customers,” Eun said.

On other business fronts, “transformative changes” lie ahead of the company’s TV business, LG CEO said.

Through approximately 180 million LG smart TVs, LG, like other major TV makers, has jumped into the race to become a leading content provider.

To increase the number of media content on LG’s smart TV operating system webOS, LG is working with the on-demand streaming service Paramount Streaming, a division of Paramount Global.

By adding over 100 channels globally in the first quarter, Paramount Streaming’s Pluto TV, a free, ad-supported video streaming service, is expanding channel integration for LG Channels.

With the sales jumping tenfold last year from 2018, Cho said the ad-support model has been driving LG’s content business success.

Despite challenging macroeconomic conditions, LG’s top executive offered a rosy picture for the company’s performance in the future.

He said that negative external factors, including logistics costs, have shown signs of easing.

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