LG Electronics targets $77bn in sales by 2030
The CEO of Korea's LG Electronics has made a bold prediction for the company's future revenue: he believes the firm can turn over 100 trillion won (USD 77 million) by the end of the decade.
Speaking at a press conference at LG Science Park in Seoul, CEO Cho Joo-wan said that LG is undergoing a transformation. It is changing from a home appliance maker into a smart life solution company. He believes the shift will ultimately deliver huge new revenues.
LG will spend more than 50 trillion won to make the transition. That includes 25 trillion won for R&D, 17 trillion won for facility investments and 7 trillion won for strategic investments. The payoff will be a 100 trillion won (USD 77 billion) in sales.
Joo-wan said: "LG Electronics will become a Smart Life Solution Company that connects and extends customers' experiences in every space of their lives, from home and commercial spaces to the virtual reality world such as metaverse. In the end, all the answers we are looking for can be found in the market and customers."