LG announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins.
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LG STRENGTHENS EUROPEAN PRESENCE
LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.
We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
LG will invest 100 trillion won (74 billion dollars) in R&D
LG announced the most massive investment program in its history: a 100 thousand billion won (74.5 billion dollars) which will be dedicated, between now and 2028, to the development and implementation of the most advanced technologies: Artificial Intelligence first and foremost as well as batteries, new generation screens, biotechnology and ‘green’ technologies The message shared by LG Corporation Vice President Kwon Bong-seok and Group Chairman Koo Kwang-mo does not specify how the investments will be allocated among the various subsidiaries of the group but specifies that they will largely be concentrated in South Korea.
LG’s Versatile Household Helper Brings the ‘Zero Labor Home’ a Step Closer
Advanced technologies are making life smarter and more convenient. At home, our living spaces have been upgraded through an ever-expanding ecosystem of connected appliances, devices and technologies. However, despite the time-saving benefits of these impressive innovations, the daily chores we love to avoid haven’t gone away just quite yet. Dedicated to realizing the Zero Labor Home, LG recently brought ‘the complete liberation from housework’ a step closer with the introduction of its groundbreaking household companion, the LG Smart Home AI Agent.
Although small in stature, LG’s Smart Home AI Agent has outsized capabilities. Not only does it act as a hub seamlessly connecting and controlling a wide range of home appliances and Internet of Things (IoT) devices,1 it also independently navigates its way around the house thanks to a clever, two-legged wheel design and a raft of cutting-edge tech. Built-in cameras, microphones and various sensors enable LG’s little AI Agent to collect a variety of data from the surrounding environment, which it then leverages to effectively monitor and manage the home.
Captured through multi-modal sensing, the collected data is processed and analyzed by the LG home appliance AI platform. This makes it possible for the Smart Home AI Agent to comprehend users’ intentions such as voices and facial expressions, understand its surroundings and recommend specific courses of action (such as activating or changing the settings of a particular connected appliance or device) to create greater ease, simplicity and comfort from the burden of housework.
At KBIS 2024 in Las Vegas this February, LG’s versatile Smart Home AI Agent highlighted the progress the company is making toward achieving the Zero Labor Home. Beyond its many abilities as a butler, assistant and companion, the diminutive robot is also quite the dancer. Before an enthralled audience, a group of perfectly-in-sync Smart Home AI Agents showed off their skills on the dancefloor with an endearing and entertaining choreographed routine.
Live demonstrations and short videos focusing on real-life usage scenarios at LG’s booth revealed how the AI Agent can help at home, from answering user’s questions, to greeting visitors at the door, to delivering useful notifications from connected appliances and other smart home devices.
In the booth’s Laundry section, the robot assumed the duties of a personal butler, offering up useful information, such as when the washing has finished, and helpful suggestions, like the best way to care for one’s laundry. The Kitchen section introduced the AI Agent as a convenient mobile hub and home assistant, seamlessly connecting with LG’s advanced kitchen appliances and presenting delicious recipes based on available ingredients. Inside the Living section, the Agent showed how it can be a valuable companion, notifying users when a visitor has arrived, inspecting each room as an indoor security officer, and even turning off the smart lightings when everyone has gone to bed.
Through LG’s collaboration with Microsoft, the Smart Home AI Agent integrates both the Azure AI Speech Service, which is based on voice recognition and voice synthesis technology, and the Azure OpenAI Service. Microsoft’s advanced Azure AI solutions help to ensure accurate voice recognition and give the robot its aptitude for comprehending nuanced commands, even in noisy environments like the Las Vegas Convention Center – the venue for KBIS 2024.
What’s more, the AI Agent’s Large Language Model (LLM)-based generative AI conversation service enables a more sophisticated level of robot-human interaction. Users can enjoy having natural, two-way conversations on various topics and conveniently control their home appliances with casually-spoken voice commands. Additionally, utilizing voice and facial recognition technology, LG’s intelligent, little home agent can distinguish between different users. To show its own ‘personality’ and ‘emotions,’ the robot changes the expressions on its face display, and can also convey its reaction to events and user interactions through movements generated by its articulated leg joints.
With ThinQ integration and the expansion of its open platform ecosystem, LG aims to accelerate both the adoption of the Smart Home AI Agent and the realization of its goal to liberate customers from the burden of household chores. Much like ThinQ UP appliances, the AI Agent will be able to receive continuous upgrades via the ThinQ app,2 providing users with an evolving, personalized smart living platform and a smart home solution.
A genuine game-changer, the LG Smart Home AI Agent is set to transform the way we interact with our living spaces, bringing us that much nearer to the realization of the Zero Labor Home.
LG Electronics releases standard washer-dryer two weeks
LG Electronics Inc. has officially released a standard washer-dryer model following its premium product lineup.
The Tromm Wash Combo can handle both washing (25kg) and drying (15kg) in a single unit. Priced at 4.49 million won ($3,400), it significantly undercuts the Signature washer-dryer released last month for 6.9 million won.
Deliveries will be available from April 8.
With the purchase of the Tromm Wash Combo, customers will receive a cashback of 200,000 won. Purchasing the Mini Wash Set alongside will also entitle customers to a cashback of 600,000 won, according to the company.
Initially, LG Electronics had planned to release the standard product in April after launching the premium Signature washer-dryer on March 22.
However, the schedule was moved up by about two weeks in response to the success of Samsung Electronics’ washer-dryer priced in the 3.9 million won range.
LG Electronics aims to maintain its competitive edge by highlighting performance capabilities while also upholding its reputation as a leading home appliance manufacturer over rivals.
To ensure performance while maintaining compact size, LG developed its own washer-dryer-specific inverter heat pump drying module.
“We can reduce fabric damage while improving energy efficiency solely through 100 percent heat pump technology,” said a company official.
The heat pump utilizes the heat generated by circulating refrigerants to absorb moisture from the laundry.
This low-temperature dehumidification process ensures protection for the fabrics. LG Electronics applied inverter technology to achieve a 50 percent reduction in energy consumption by regulating motor speeds to operate only when necessary.
AI capabilities have also been upgraded. With the AI mode, users can wash and dry a 3kg load of laundry in just 99 minutes.
Equipped with a deep learning AI DD motor, the new washer-dryer offers customized washing and drying with 6 Motion to reduce fabric damage.
Users also have the option to install a 4kg capacity top-loader washing machine called Mini Wash underneath the Tromm Wash Combo.
By using three separate units?drum washer, dryer, and Mini Wash?LG aims to enhance the convenience of washing and drying.
The slide-out dust filter adopts a sliding mechanism for easy removal of dust from the filter. With the automatic detergent dispenser positioned at the top, users can conveniently add detergent and fabric softener without bending over.
LG UNVEILS ADVANCED AND CUSTOMIZABLE HOME SOLUTIONS AT KBIS 2024
LG Electronics (LG) is unveiling an evolved, fully-integrated home experience at the 2024 Kitchen & Bath Industry Show (KBIS) in Las Vegas. Upon entering LG’s booth, visitors will encounter the new Signature Kitchen Suite Transitional Series built-in kitchen package, developed in response to the growing popularity of both transitional and contemporary kitchen designUpon entering LG’s booth, visitors will encounter the Signature Kitchen Suite zone, which boasts a stylish selection of the premium built-in brand’s latest kitchen appliances. Among them is the new Signature Kitchen Suite Transitional Series built-in kitchen package, developed in response to the growing popularity of both transitional and contemporary kitchen design.
With subtle aesthetics that help complete a luxurious kitchen look, the Transitional Series offers a sophisticated and velvety matte-stainless-steel panel option and introduces thin yet easy-to-grip handles. The showcased appliances from the Transitional Series include the wine column fridge, under-counter wine cellar, under-counter drawer fridge, 30-inch fridge, dishwasher, 36-inch insert hood, induction oven and wall oven. Visitors can also see sleek solutions from other Signature Kitchen Suite lineups, including the panel-ready Pro Series collection, and the brand’s space-efficient compact-size packages
LG Elec to upgrade your bathroom with high-tech appliances
LG Electronics Inc., the leading global home appliance maker, on Friday said it is set to showcase new products for bathrooms for the first time, making a foray into the sector.
The South Korean tech giant will unveil various appliances such as a shower head with a water purification filter at the 2024 Kitchen & Bath Industry Show (KBIS) in Las Vegas, Nevada, Feb. 27-29.
“We will continue to introduce smart life solutions across diverse categories, deeply rooted in our understanding of customer lifestyles, seeking to lead the market through thoughtful innovations for a better life,” Lyu Jae-cheol, president of LG’s home appliance and air solution division, said in a statement.
The Smart Bath and Shower Purifier filters out rust or residual chlorine from tap water to reduce skin irritation, LG said. The system features a function to maintain users’ water temperature preferences with a digital display that allows users to check and adjust the temperature.
The system also monitors water usage and provides timely filter replacement alerts to facilitate a consistently pure stream of water.
LG Financial Results
LG announced its financial results for the year 2023, disclosing a consolidated revenue of KRW 84.2 trillion and an operating profit of KRW 3.55 trillion. This marks the third consecutive year of achieving record-breaking annual revenue. The operating profit is also solid, approaching levels seen during the prior period of pent-up demand.
Despite challenging external factors such as an economic slowdown and reduced demand, LG’s core business of home appliances and the burgeoning vehicle components business have demonstrated remarkable resilience, maintaining continuous growth for eight consecutive years. The combined revenue of these businesses exceeded KRW 40 trillion last year, a substantial increase from KRW 18 trillion in 2015. Over the same period, the proportion of these two businesses in the total revenue has risen from 32.5 percent to 47.8 percent.
The performance is attributable to LG’s strategic efforts to enhance its business portfolio. The company successfully expanded its B2B business by identifying market turning points early on and integrated new business models, including subscription services, into existing frameworks. Furthermore, LG’s innovative content and service business model, leveraging its extensive user base of hundreds of millions of products globally, has also contributed to securing robust profitability.LG Home Appliance & Air Solution Company achieved an annual revenue of KRW 30.14 trillion, marking eight consecutive years of growth and ushering in the era of KRW 30 trillion. Introducing new business models including subscription services and expanding the B2B share in areas such as HVAC, components and built-in solutions contributed to this growth. The operating profit recorded an increase of over 76 percent compared to the previous year, reaching KRW 2.08 trillion.
In the coming year, the Company will accelerate a shift in its business model towards future readiness, including Direct-to-Consumer initiatives. It aims to expand the deployment of home appliance operating systems and extend subscription services to international markets. Additionally, there will be a swift progression in building smart home solutions that reflect the value of “Zero Labor Home.” In terms of products, the Company will seek to maintain its strategic approach of solidifying the premium leadership of key products, such as washing machines and refrigerators, while swiftly expanding region-specific lineups. To sustain continuous growth in the B2B sector, especially in areas like HVAC, the Company plans to strengthen its capabilities by establishing a complete, local business operation that encompasses product development, production and sales, with a focus on the evident electrification trends in regions such as North America and Europe.
LG mycup dishwasher
The LG mycup is a small dishwasher that was presented during CES 2024, pushing the boundaries of what a traditional dishwasher is. It boasts a slim versical structure that is meant to carefully fit into any kitchen small with a small footprint. Specifically, the mycup can be placed where users grab their cups or tumblers to fill up every day.
The dishwasher offers two cleaning programs — Quick Wash and Extra Wash. Both of the processes use a 149-degree Fahrenheit hot water cycle — this ensures that the bacteria is cleaned off. The Quick Wash cycle uses the brand’s bubble jet technology and the Extra Wash program adds air-drying features to both clean and carefully dry the tumbler with the water jet and hot air.
LG’s Washer for Tumbler
LG Electronics (LG) is set to unveil its innovative tumbler washer, LG mycup, at CES 2024. This unique cleaning solution features state-of-the-art technology to enhance the daily hygiene of tumbler users, while its sophisticated design embodies LG’s commitment to environmental sustainability. With the increasing number of eco-conscious consumers using tumblers, LG mycup simplifies the cleaning process and encourages the regular use of reusable cups and tumblers.This practical washer lets users clean one tumbler at a time by simply placing it inside and selecting from two cleaning courses – Quick Wash and Extra Wash – through the LG mycup app. The cleaning process is then conveniently displayed on the upper display panel to let users check wash status and receive an app notification when the cycle is complete.
Both courses utilize a 65-degree Celsius hot water cycle to ensure thorough and sanitary cleaning. By employing bubble jet technology, the Quick Wash course cleans the inside of the tumbler in just 30 seconds. And for the thorough cleaning and drying for harder-to-clean residues like dairy, the Extra Wash course utilizes an integrated air-drying design to clean and gently dry the tumbler with a multi-directional water jet and powerful hot air.
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