LG Honored With GM’s ‘Supplier of the Year’ Award
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By News Reporter
Eun Seok-Hyun Honored in Leader Category for His Contributions to the Mobility
Sector and the Advancement of LG’s SDV Technologies
LAS VEGAS, Jan. 9, 2025 — LG Electronics (LG) is proud to announce that Eun Seok-hyun, president of the LG Vehicle Solution (VS) Company, has been recognized with the 2025 MotorTrend Software-Defined Vehicle (SDV) Innovator Award in the Leader category. The award acknowledges his exceptional leadership and contributions to software-driven innovation in the automotive sector. Hosted by MotorTrend, a highly-respected U.S.-based automotive media company, the SDV Innovator Award ceremony was held on January 7 during CES in Las Vegas.
Eun Seok-hyun’s well-deserved recognition underscores LG’s growing influence in shaping the future of mobility and SDV technologies. Mr. Eun, who has more than two decades of experience working in the automotive industry, has been at the helm of the LG VS Company since December 2022. Throughout his career, he has focused on driving innovation in key areas such as infotainment, display, telematics and automotive vision systems.
A prime example of the Company’s progress under Mr. Eun’s leadership is the launch of LG AlphaWare in 2024. This groundbreaking suite of software solutions empowers mobility providers to overcome technical challenges and reimagine vehicles as “living spaces on wheels.” LG AlphaWare comprises five core solutions that seamlessly work together to enhance the in-vehicle experience. PlayWare delivers immersive in-cabin entertainment; MetaWare integrates augmented and mixed reality technologies; VisionWare provides AI-powered driver assistance; BaseWare serves as a comprehensive software backbone, offering versatile modules to enhance existing operating systems or support new platform development for OEMs; and OpsWare is a central operations platform that fosters collaboration among software developers.
LG has also achieved significant milestones in automotive security. Under Mr. Eun’s guidance, LG became the first company to obtain Common Criteria certification for V2X security stability, reinforcing its leadership in connected vehicle safety.
“It is an honor to be recognized at this year’s MotorTrend SDV Innovator Awards,” said Eun Seok-hyun. “This accolade is a testament to LG’s advancements in SDV technologies and to the dedication of our team in shaping the future of mobility.”
LG’s latest mobility solutions will be on show at CES 2025 in Las Vegas (January 7-10) in the company’s public and private booths.
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By News Reporter
Company Sets New Record for Annual Revenue
SEOUL, Jan. 8, 2025 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2024, reporting a consolidated revenue of KRW 87.74 trillion and an operating profit of KRW 3.43 trillion. This marks a new record for the highest annual revenue in the company’s history.
Over the past four years, LG’s consolidated revenue has seen a compound annual growth rate of over 10 percent. The company has managed to grow while maintaining solid fundamentals amidst various external uncertainties. Strategic shifts in business models, including subscription services and Direct-to-Consumer (D2C) initiatives, have driven growth beyond the limits of its core businesses. The expansion of Business-to-Business (B2B) operations has also contributed significantly to the revenue increase.
Despite various challenges, profitability remained stable on an annual basis. In the second half of last year, unexpected global shipping cost surges and one-time costs for inventory rationalization impacted profitability. However, the overall annual business performance showed positive qualitative growth driven by business portfolio realignment.
In the fourth quarter of last year, LG recorded consolidated revenue of KRW 22.78 trillion and an operating profit of KRW 146.1 billion. This year, the company aims to accelerate qualitative growth through business portfolio transformation. LG will focus on strengthening fundamental competitiveness in areas such as quality and cost while maximizing efforts to secure a robust profit structure through fixed cost efficiency.
The home appliance business, a core segment for the company, is expected to surpass KRW 30 trillion in revenue for the second consecutive year. The strategy of expanding AI appliances and volume zone lineups, along with diversifying business models to subscription and D2C, has driven solid performance. Growth in the B2B sector, including heating, ventilation and air conditioning (HVAC), built-in appliances and component solutions, continues steadily.
LG plans to expand its subscription business to countries such as Thailand and India, in addition to existing markets like Korea, Malaysia and Taiwan. The HVAC business, which holds the largest share in LG’s home appliance B2B area, will now operate as an independent business unit to become a global top-tier, comprehensive air solutions business.
In the TV business, despite the overall market experiencing delayed demand recovery, demand in premium markets such as Europe is gradually improving. The company’s webOS-based advertising and content business continues to expand its ecosystem across TVs, smart monitors and automotive infotainment systems. Beginning this year, the company will seek to further expand the foundations of its advertising and content business through its OLED and QNED “Dual Track” strategy in premium markets, as well as meeting market-specific demands across the globe with volume zone lineups. Additionally, in accordance with last year’s organizational restructuring, the company plans to enhance synergies between hardware and platform businesses through the integrated operation of its screen-based offerings including TVs and IT and ID products.
The vehicle component business has experienced a temporary slowdown in demand for electric vehicles. Despite this, it has continued to achieve solid results and is on track to surpass KRW 10 trillion in revenue for the second consecutive year. The company will focus on responding to the transition to software-defined vehicles (SDV) and strengthening internal stability through profitability-centered operations.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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By News Reporter
Only South Korean Company Recognized in Leisure Equipment & Products and
Consumer Electronics Category for 13 Years
SEOUL, Dec. 24, 2024 — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.
Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.
Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.
LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.
Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of Better Life for All, LG is carrying out various activities with the strategy of“3Cs” for the planet (carbon neutrality, circularity and clean technology) and “3Ds” for people (design for all, decent workplace and diversity & inclusion).
To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.
Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.
In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, monitors, refrigerators, washing machines, dryers and home and system air conditioners) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.
As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.
In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.
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By News Reporter
Successful Issuance of USD 800 Million Global Public Bond
Recognized Amidst Market Volatility
SEOUL, Dec. 11, 2024 — LG Electronics (LG) has been honored with FinanceAsia’s prestigious Achievement Award for the “Best Bond Deal” in the North Asia region, which includes Taiwan, Japan and South Korea. This recognition comes in light of LG’s successful issuance of global bonds worth USD 800 million in April this year.
FinanceAsia commended LG for navigating heightened interest rate volatility, driven by geopolitical tensions in the Middle East, to successfully issue public bonds. The bonds, issued in U.S. dollars, attracted strong investor demand and were offered in two tranches: USD 500 million bonds with a three-year maturity and USD 300 million bonds with a five-year maturity, the latter being labeled as a Sustainability Bond.
FinanceAsia’s Achievement Awards are among the top three capital market awards in the Asia-Pacific region, recognizing excellence in Asia’s financial markets. These awards, evaluated by expert panels of investment and finance industry professionals, celebrate exceptional accomplishments in the capital markets, honoring issuers, investors and intermediaries.
The winners of the Achievement Awards are determined through a rigorous process involving nomination, voting and discussions among key stakeholders, arrangers and panels. The primary award categories include Deal Awards, House Awards and Dealmaker Poll.
The selection criteria for the awards are based on four equally weighted factors: delivering successful outcomes for all participants, achieving the funding objectives of the issuer, overcoming market challenges and risks and demonstrating innovation to expand the market.
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By News Reporter
Award-winning Heat Pump Delivers Advanced Efficiency and
Heating Performance in Extreme Cold Conditions
SEOUL, Oct. 29, 2024 — LG Electronics (LG), a leading global player in air conditioning technologies, has been honored with the 2025 AHR Innovation Award in the Sustainable Solutions category for its advanced LG Residential Cold Climate Heat Pump. The award was decided by an independent panel of ASHRAE member judges, who assessed product entries based on their design, creativity, application, value and market impact potential.
The LG Residential Cold Climate Heat Pump, which will be showcased at the AHR Expo 2025 in Orlando, Florida next February, offers opportunities to reduce energy consumption, contributing to climate change mitigation while improving inhabitants’ comfort.
Designed specifically for cold regions, LG’s heat pump operates effectively at temperatures as low as negative 35 degrees Celsius (negative 31 degrees Fahrenheit). It retains full heating capacity at negative 25 degrees Celsius (negative 13 degrees Fahrenheit) and functions at 70 percent capacity at negative 35 degrees Celsius (negative 31 degrees Fahrenheit). Additionally, the innovative heat pump incorporates a refrigerant cycle that prevents frost accumulation on the outdoor heat exchanger, thereby enhancing heating performance. The impressive solution is also equipped with a high-capacity, high-efficiency twin rotary inverter compressor that uses low Global Warming Potential (GWP) R32 (GWP 675) refrigerant, available with HSPF2 13.4 Btu/Wh and 13.6 kBtu/h.
“The recognition from ASHRAE and AHR reflects LG’s ongoing dedication to HVAC technological innovation and electrification,” said James Lee, head of the Air Solution Business Unit at LG Home Appliance & Air Solution Company. “The Residential Cold Climate Heat Pump is a solution that can withstand extreme cold weather conditions and help improve energy efficiency in homes. Our focus remains on creating more environmentally responsible solutions that align with consumer needs while simultaneously reducing our global environmental footprint.”
LG’s comprehensive suite of heating and cooling solutions for commercial, light-commercial and residential applications continues to receive industry recognition. This is largely due to LG’s consistent efforts to provide innovative HVAC solutions leveraging the company’s advanced core technologies, which elevate performance and support the move to electrification.
LG prioritizes heat pump advancement as a key component of the U.S.’s climate improvement efforts. Several states have committed to improving decarbonization, setting a goal for heat pumps to constitute at least 65 percent of all new HVAC and hot water heating systems by the end of the decade.
LG’s commitment to these broader goals is further demonstrated by its leadership of the Consortium for Advanced Heat Pump Research, founded in collaboration with the University of Alaska to establish an Advanced Cold Climate Heat Pump Laboratory in Alaska. LG has also set up a global R&D triangle connecting North America, Europe (Oslo, Norway) and Asia (Harbin, China), with the aim of accelerating the development of high-performance heat pumps for regions that endure extreme cold.
“We understand the need to develop and validate products under extreme cold conditions, and the award-winning LG Residential Cold Climate Heat Pump is a testament to our ongoing efforts in this important area,” added Lee. “By minimizing reliance on fossil fuel-driven heating systems and cutting down on any supplementary back-up heating, the heat pump reduces environmental impacts and supports the larger decarbonization and electrification movements.”
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