LAS VEGAS - At a press briefing in Las Vegas during CES 2024, LG Electronics Inc.'s CEO Cho Joo-wan announced the company's plan to invest 10 trillion won (approximately US$7.57 billion) this year. The investment aims to broaden business horizons and secure future growth.
According to Yonhap News Agency, the investment, despite ongoing macroeconomic uncertainties, will be focused on areas aligned with the company's strategic priorities. Out of the total investment, 4.5 trillion won is earmarked for research and development, 3.5 trillion won for regular facility maintenance, and 2 trillion won for potential mergers and acquisitions. Following its exit from the mobile market in 2021, LG Electronics is transforming its business portfolio towards business-to-business segments like automotive electronics, air solutions, and TV operating systems. The company's ambitious plan involves investing over 50 trillion won by 2030 to complete its business transformation and achieve a sales target of 100 trillion won. Cho highlighted that this goal is based on a realistic assessment of the company's potential and capabilities. At CES 2024, LG Electronics is showcasing new business models in mobility and artificial intelligence, along with its traditional home appliances. The company is also a ctively exploring mergers and acquisitions to strengthen its new business portfolio.