SEOUL/LAS VEGAS, 04 Jan. (Yonhap) — LG Electronics Inc. will continue to diversify its business portfolio beyond home appliances and look for new avenues to lead growth, CEO Cho Joo-wan said Wednesday.
“By continuing to invest in key technologies like artificial intelligence and 6G, LG is expanding its business into electric car charging, digital health and webOS-based content service,” said Cho at a press conference held the day before the opening of the Consumer Electronics Show (CES) 2023. “We are actively seeking to collaborate with strategic partners around the world because we cannot do it alone”, a- he added.
Cho cited the work of LG NOVA, a Silicon Valley-based innovation center as an example of LG’s efforts in this direction. Since its establishment in 2020, LG NOVA has been working closely with start-ups in various fields like metaverse, gaming, electric mobility, display solutions and smart lifestyle to test new businesses.
The tech giant said LG NOVA’s goal is to find new businesses that “provide a future of sustainability, quick accessibility and a socially impactful and technologically advanced life for consumers and the whole community”.
As another example of the important collaboration, Cho presented on-demand streaming platform Paramount Streaming, a division of Paramount Global with which LG is increasing content on webOS, the operating system smart of society.
LG is also making progress in the auto parts business, the CEO said, as the division began to turn a profit after nearly a decade of struggle. For the third quarter, LG’s electric vehicle (EV) business reported revenue of 2.3 trillion won ($1.87 billion), up 45.6 percent year on year, representing sales record quarterly results for the unit. Operating profit was 96.1 billion won.
The EV business is expected to post profits for the first time since the company entered the market in 2013, helped by solid demand amid a gradual easing of the auto chip shortage and a subsequent increase in auto production . The company supplies EV parts and solutions to major automakers like Mercedes-Benz AG, Renault and General Motors, among others.
In 2018, LG acquired automotive lighting systems leader ZKW Group. LG Magna e-Powertrain, LG’s joint venture with Canadian auto parts maker Magna International Inc., is building its third production base in Mexico to supply EV components to General Motors. Construction is expected to be completed later this year. One of the biggest tech shows, CES opens Thursday in Las Vegas and runs through Sunday.
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