Las Vegas, NV - LG Electronics unveiled an ambitious long-term strategic vision outlining key business transformation goals and investment areas to drive future growth.
At a press conference in Las Vegas, LG CEO William Cho highlighted the company's commitment to "electrification, servitization, and digitalization," signaling a shift toward service-oriented offerings and digital technologies.
The plan calls for over $40 billion in portfolio changes by 2030.
It also sets compound annual growth and profitability targets of 7% or higher.
Critical investments planned for 2024 include doubling R&D spending to $8 billion and launching a $100 million venture fund for startups.
High-potential areas such as vehicle components, digital signage, and AI will receive growth focus and capital infusion.
On the digital front, Cho pointed to IT infrastructure upgrades such as a next-generation ERP system and customer data analytics rollouts.
These efforts have already yielded more than $240 million in productivity savings.
The strategic vision emphasizes recurring revenue streams and subscriptions.
For example, LG's home entertainment business will be transformed into a media platform, while connected home solutions will be bundled with subscription services.
With the "Future Vision 2030" plan, LG Electronics aims to transform its business portfolio beyond hardware proactively and set the stage for long-term success in an evolving technological landscape.
