LG Electronics targets $77 billion sales by 2030, holds high hopes for vehicle components

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LG Electronics targets $77 billion sales by 2030, holds high hopes for vehicle components
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SEOUL :LG Electronics said on Wednesday it is targeting 100 trillion won ($77 billion) in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its future strategy. It plans to become a global top 10 company in vehicle components by more than doubling revenue to 20 t

SEOUL :LG Electronics said on Wednesday it is targeting 100 trillion won in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its future strategy.

"LG Electronics will tranform its business portfolio... increase profits by growing in business-to-business, and transition to a service business," CEO William Cho told a press conference.LG also plans to enter new markets such as electric vehicle charging and digital healthcare. LG said it expects the order backlog of its fast-growing Vehicle component Solutions, the company's newest business division, to approach 100 trillion won by end-year, with those revenues spread over many years.

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