LG Elec to increase partnerships for business expansion

LAS VEGAS -- LG Electronics Inc., the world’s top home appliance maker, is seeking more partnerships with global leading companies and increasing investment in core future growth technologies such as artificial intelligence and 6G to expand its business portfolio, its CEO said.

“No one company even LG can do everything on its own, so we are practically pursuing collaborations with strategic partners around the world,” said LG CEO Cho Joo-wan at a press conference in Las Vegas on Wednesday, a day before the official opening of CES 2023, the most influential tech event in the world.

LG has been broadening its business portfolio to encompass new areas such as an electric vehicle (EV) charging, digital health and content services for the webOS platform.

During the conference, Cho introduced one of LG’s key partners in content services – Paramount Streaming President and CEO Tom Ryan.

“Pluto TV, the leading free streaming television service, is expanding our channel integration for LG Channels, adding over 100 channels this quarter globally,” Ryan said.

LG has been collaborating with startups for new businesses across the world through LG North American Innovation Center in Silicon Valley. The company is also operating LG Labs, which works on various projects based on experimental ideas and creative concepts from both inside and outside the firm.

The South Korean tech giant started bearing fruit from a core new business – the vehicle component sector.

Cho said the company has established itself as one of the auto industry’s preferred innovation partners with its vehicle component solution business. LG has joined hands with some major makers in the automobile industry such as Canada’s Magna International Inc., leveraging its customer insight from consumer electronics, advanced technologies and diverse areas of expertise to drive the in-vehicle experience forward.

LG’s automotive business reported its first quarterly profit in seven years during the April 2022-June period on rising sales and sustained cost structure improvement.

CUSTOMER-CENTERED INNOVATIONS

Cho underlined the company’s aim to provide “First,” “Unique” and “New” experiences across all its products and solutions in order to provide a better life for all. To expand the customer experience in various fields, the company is also operating various in-house programs to foster innovators, encouraging LG employees to bravely adapt to new challenges.

“The start and end of all innovation are our customers, and it is with this innovation that we aim to put a smile on their faces,” he stressed.

Cho also reiterated LG’s commitment as a responsible corporate citizen to realize a sustainable future, emphasizing the company’s focus to create a better future for all.

LG is already selling barrier-free products, especially for the disabled. At CES 2023, it enhanced accessibility for the handicapped by placing low signboards for wheelchair users and deploying sign language interpreters.

Write to Seung-Woo Lee at leeswoo@hankyung.com
Jongwoo Cheon edited this article.