Latest news with #ChoJoo-wan
Korea Herald
11 hours ago
- Automotive
- Korea Herald
LG's top execs visit Honda HQ to showcase EV tech
LG Group is hosting a private "Tech Day" event at the headquarters of Japan's Honda Motor Co. this week, underscoring its push into the future mobility sector to strengthen its foothold in the burgeoning electric vehicle components market. Led by LG Corp. Vice Chairman Kwon Bong-seok, a high-level LG delegation flew to Tokyo on Sunday to meet with Honda's top executives, according to industry sources on Monday. The delegation includes CEOs from LG's major subsidiaries such as Cho Joo-wan of LG Electronics, Kim Dong-myung of LG Energy Solution, Jeong Cheol-dong of LG Display and Moon Hyuk-soo of LG Innotek. Tech Day at Honda headquarters is likely to feature a range of LG's cutting-edge technologies tailored for future vehicles, including infotainment systems, automotive cameras, communication modules, EV batteries and in-vehicle displays. As the global auto industry shifts from internal combustion engines to electric and software-defined vehicles, LG has been doubling down on its efforts to supply key components. The group has already secured partnerships with top-tier global carmakers including Mercedes-Benz, Hyundai Motor, Toyota and General Motors. LG is placing strategic emphasis on its EV component business, with Chairman Koo Kwang-mo overseeing its development as a key driver of future growth. The conglomerate has established a "one team for EV parts" system, fostering close collaboration among affiliates such as LG Electronics, LG Innotek, LG Energy Solution, LG Display, LG Magna and ZKW Group. The integrated approach enables the group to combine each company's technologies and products into comprehensive solutions, which are increasingly being supplied to global automakers in the form of bundled offerings. This week's visit to Honda marks the latest in LG's series of targeted engagements with global original equipment manufacturers. In March 2024, LG held its first Tech Day at Mercedes-Benz's headquarters in Germany. It followed up with similar events at Hyundai Motor's Namyang R&D Center in Hwaseong, Gyeonggi Province, in April and Toyota's headquarters in Japan in September. "Typically, face-to-face sales through local visits foster deeper relationships and significantly increase the likelihood of meaningful business outcomes,' said an industry source who requested anonymity. "LG Group is being highly regarded for its exceptional display quality and advanced electronics technology, as well as for its strong understanding of EV structures, including battery systems,' the source added.
Korea Herald
22-04-2025
- Automotive
- Korea Herald
LG to exit EV charger business amid weak demand, price pressure
LG Electronics said Tuesday it will exit the electric vehicle charger business, three years after entering the market, due to prolonged stagnation in demand and intensifying price competition. The decision is part of a strategic realignment aimed at strengthening the company's focus on its heating, ventilation and air conditioning business, a key growth driver under its eco solutions division. "Due to structural shifts in the business environment, including a protracted demand slowdown — referred to as the 'chasm' — and intensifying price competition, we have decided to wind down the EV charger business," said an LG Electronics official. HiEV Charger, LG's wholly owned subsidiary responsible for the manufacturing of EV charging equipment, will begin liquidation procedures. LG said all employees involved in the EV charging business will be reassigned to other divisions within the company. Despite winding down the business, LG said it will continue to provide maintenance and support services to existing clients without disruption. LG had initially entered the EV charging market with high expectations, aiming to make it a key pillar of its business-to-business portfolio. After starting preliminary research and development in 2018, the company acquired HiEV Charger, formerly AppleMango, in 2022 and launched charging infrastructure at E-mart stores and other domestic locations. Chief Executive Officer Cho Joo-wan previously identified EV charging as one of LG's future growth engines, outlining a bold vision in 2023 to grow the segment into a trillion-won business by 2030 as part of LG's 100 trillion won ($70 billion) revenue goal. At the beginning of last year, LG established a charger production base in Texas. The company partnered with ChargePoint, the No. 1 EV charging service provider in North America, in June, and has been operating six types of slow and fast EV chargers in both the domestic and North American markets. LG had also set a goal of securing an 8 percent share of the US fast charger market by 2030, aiming to become a global top-tier company. However, HiEV Charger marked two consecutive years of large deficits. It posted 10.6 billion won in revenue and an operating loss of 7.2 billion won last year. In 2023, the company posted 5.9 billion won in revenue with an operating loss of 7 billion won.
Hans India
22-04-2025
- Automotive
- Hans India
LG to exit EV charger business amid global demand slowdown
Seoul: LG Electronics said on Tuesday it will exit the electric vehicle (EV) charger business, citing prolonged global demand stagnation in the EV market. The company's EV charger-manufacturing subsidiary, HiEV Charger, will be liquidated, and all employees involved in the business will be reassigned to other divisions within LG Electronics, reports Yonhap news agency. The company added that it will continue to provide maintenance services to existing clients without disruption. LG entered the EV charging market in 2022 by acquiring HiEV Charger, formerly known as AppleMango, after initiating early research and development in the segment in 2018. Since then, the company had offered charging solutions in South Korea, including chargers at Emart retail stores, and expanded into the U.S. market last year, opening a production plant in Texas in January 2024. The decision to withdraw comes as LG Electronics has refocused its efforts to prioritise growth in its heating, ventilation and air conditioning (HVAC) business. LG Electronics CEO Cho Joo-wan had previously identified the EV charger business as a key growth driver in the company's vision to achieve 100 trillion won (US$70.1 billion) in sales by 2030. Last year, LG Electronics partnered with ChargePoint, the leading supplier of charging solutions for electric vehicles in North America, to expand its EV charging business on a global basis. ChargePoint manages more than 306,000 active ports across North America and Europe. LG Electronics said the partnership was expected to help the company explore further business opportunities on a global scale through ChargePoint's expansive network and industry-leading charger management solution. This move was part of LG Electronics' broader strategy to achieve 100 trillion won ($72.5 billion) in sales from business-to-business operations by 2030 by focusing on future growth areas, including the EV charging business.
Korea Herald
22-04-2025
- Automotive
- Korea Herald
LG Electronics to exit EV charger business amid global demand slowdown
LG Electronics Inc. said Tuesday it will exit the electric vehicle charger business, citing prolonged global demand stagnation in the EV market. The company's EV charger-manufacturing subsidiary, HiEV Charger, will be liquidated, and all employees involved in the business will be reassigned to other divisions within LG Electronics. The company added that it will continue to provide maintenance services to existing clients without disruption. LG entered the EV charging market in 2022 by acquiring HiEV Charger, formerly known as AppleMango, after initiating early research and development in the segment in 2018. Since then, the company had offered charging solutions in South Korea, including chargers at Emart retail stores, and expanded into the US market last year, opening a production plant in Texas in January 2024. The decision to withdraw comes as LG Electronics has refocused its efforts to prioritize growth in its heating, ventilation and air conditioning business. LG Electronics CEO Cho Joo-wan had previously identified the EV charger business as a key growth driver in the company's vision to achieve 100 trillion won ($70.1 billion) in sales by 2030. (Yonhap)
Korea Herald
07-04-2025
- Business
- Korea Herald
LG Electronics expects best-ever Q1 revenue on B2B, subscription growth
LG Electronics said Monday it expects to post record-high first-quarter revenue, topping 22 trillion won for the first time, driven by growth in business-to-business operations and home appliance subscription services. The South Korean tech giant estimated that its revenue for the January-March period increased 7.8 percent on-year to 22.74 trillion won ($15.5 billion), according to its earnings guidance, breaking 22 trillion won for the first time in any first quarter. Despite its record revenue, the company's operating profit dropped 5.7 percent from a year earlier to 1.25 trillion won in the first quarter. LG's result was largely in line with market expectations of 22.07 trillion won revenue and 1.26 trillion won operating profit projected by financial data firm FnGuide. The company said it will release its full financial results end of this month, which includes net earnings and performance breakdowns by business division. LG credited to best-ever Q1 revenue to stable growth in its core business, including home appliances, and in new sectors. 'Despite the continued uncertainty in the business environment, such as the economic downturn, we achieved stable growth in our existing core business, as well as qualitative growth in areas such as B2B, subscriptions, webOS-based services and direct-to-consumer business,' LG said in a statement. Although segment-specific numbers were not disclosed, LG said it saw a significant improvement in its heating, ventilation and air conditioning division, a key part in LG's B2B sector. The unit's January-March result is expected to surpass last year's Q1 performance of 2.59 trillion won in revenue and 335.6 billion won in operating profit, the company said. LG has been aiming to expand its commercial HVAC business across Southeast Asia. The company recently supplied its high-efficient HVAC solution to a massive logistics center in Singapore. The company has also ramped up efforts to supply large-scale cooling systems, called chillers, for AI data centers. LG Electronics CEO Cho Joo-wan recently met with Microsoft Chairman Satya Nadella during his visit in Seoul, where they agreed on supplying LG's chillers to Microsoft's data centers. Meanwhile, LG's flagship home appliance division also performed strongly, driven by growth in premium products, according to the firm. The company also noted that LG's expansion in subscription services attributed to sales growth. Last year, LG achieved a 2 trillion won revenue in its subscription service, making up about 20 percent of the company's revenue. LG plans to introduce these subscription services to new markets this year, including India, Singapore and Hong Kong, in addition to its existing markets of Thailand, Malaysia and Taiwan.
