Tag Archives: LG

LG Named Most Sustainable Home Appliance Brand

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LG Electronics has been named the industry’s most sustainable home appliance brand in the just-published 2023 Green Builder Sustainable Brand Index.

The ranking is based on the weighted average of three factors: survey data used to gauge builders’ perception of a company’s sustainability efforts, data that tracks the number of positive brand mentions by consumers who have used or have heard about a product, and sentiment that tracks how favorably consumers view a particular company.LG topped all three survey components – and is the only company among any category winners to do that – largely due to its ever-advancing and continually popular Signature Kitchen Suite brand and consistent emphasis on energy efficiency and performance.”

This top ranking follows the announcement that LG earned two coveted 2023 Green Builder Sustainable Products of the Year distinctions,“recognizing innovations that go above and beyond in manufacturing and encourage sustainability through innovative technology or an improved version of a traditional technique.” The LG Multi F MAX with LGRED° multi-zone heat pump HVAC system and LG STUDIO induction cooktop with a flex cooking zone were singled out as Sustainable Products of the Year in the HVAC and appliance categories, respectivelyNamed 2023 ENERGY STAR® Partner of the Year by the U.S. Environmental Protection Agency, LG helps consumers take climate action in impactful ways. For example, ENERGY STAR certified LG clothes washers and dishwashers purchased by American consumers in the past year are expected to save more than 35 billion gallons of water over their product life, enough to fill 53,000 Olympic-sized swimming pools.“ENERGY STAR Most Efficient 2022” LG refrigerators, washers, dryers, room air conditioners and computer monitors are expected to save more than 482 million pounds of CO2 over the life of these products.

LG CEO Visits the Key Production Sites

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This month, LG CEO Cho visited the company’s key production bases in Asia, including Vietnam, Thailand and Indonesia, directly looking into key factors of operational advancement strategies, such as quality enhancement, supply chain, cost structure improvement, safety and productivity of vehicle components, home appliances and TVs. Ultimately, the company aims to strengthen competitiveness and growth in key business areas and global markets.

“Let’s further strengthen our market dominance and solidify the foundation for sustainable growth by upgrading our locally-optimized operation methods and providing world-class quality, cost competitiveness and reliable delivery to our customers,” said CEO Cho. “We should look to pioneer future markets with our unmatched innovation and ability to overcome challenges, while holding firm to the belief that opportunities come from delivering exceptional customer experiences.”

The CEO began his Asian tour in Ho Chi Minh City, Vietnam, where he was joined by the heads of LG’s Asian subsidiaries for a management meeting. There, he was briefed on the company’s regional performance and discussed the status of individual markets including Vietnam, which serves as a global production base for LG’s electronic devices and home appliances. He also had in-depth talks with the subsidiary heads on a variety of business matters, such as improving production efficiency, verifying mass production processes for new products, enhancing quality control and boosting growth through mutually beneficial partnerships.Departing Vietnam, CEO Cho headed to Thailand to visit the Rayong factory and its home appliance production lines. Next, he traveled to Jakarta, Indonesia to inspect LG’s Cibitung plant, which has become a major TV production base for the company’s premium product lineups, including LG OLED TVs. After Jakarta, the CEO made a stop in the city of Tangerang, meeting staff and looking over facilities at the local LG plant, which focuses primarily on refrigerator production.

“Our Vietnam and Indonesia subsidiaries now form a complete business structure, having recently added a local R&D subsidiary to the production and sales corporations already in place,” noted CEO Cho, who also called on all subsidiaries in the Asia region to accelerate their business management by implementing active localization strategiesLast year, the company achieved sales of more than KRW 7.8 trillion in the Asian market, continuously increasing sales by about KRW 1 trillion yearly with double-digit growth over the past two years.This year alone, the CEO has already spent more than 150 hours in the air visiting nine countries across North America, Europe, Asia and Central and South America – participating in major events, including CES 2023 and AHR Expo in the U.S.A. and ISE 2023 in Spain, and touring various LG facilities in Mexico, Brazil, Chile and Australia

LG Electronics estimates to log second-highest Q1 profit of W1.5tr

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LG Electronics said Friday it predicted its first-quarter operating earnings at 1.5 trillion won ($1.14 billion), which will likely be the company’s second-highest profit for the January-March period, outpacing Samsung Electronics’ financial result for the first time in more than a decade.Details on each business sector’s estimated figures were not available in Friday’s earnings guidance, but market watchers expect that LG’s key business divisions for home appliances, TVs and vehicle components put up solid results in the January-March period.

LG Electronics Ranks 1st in World Home Appliance Market Single Brands in 2022

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Haier took first place in terms of sales in the global home appliance market in 2022. This is the result of making a series of M&A deals with GE based in the United States, Fisher & Paykel based in New Zealand and Candy, based in Italy. By brands rather than sales revenue, LG Electronics maintained its No. 1 position.

According to Haier’s business report on April 4, sales of Haier’s home appliance division, excluding electronic parts and TVs, were tallied at 227.94677 billion yuan (about 43.7658 trillion won or US$33.3193 billion) in 2022. During the same period, sales of LG Electronics’ H&A Division in charge of the home appliance business amounted to 29.8955 trillion won (US$22.7613 billion), falling behind Haier by 14 trillion won (US$11 billion). Whirlpool recorded 25.4834 trillion won (US$19.4021 billion). A year ago, in 2021, Haier also took the world’s No. 1 spot in household appliances. At the time, its sales were about 39.2187 trillion won (US$29.8680 billion), a difference of more than 12 trillion won from LG Electronics’ 27.1097 trillion won (US$20.6461 billion).

Among Korean companies, LG Electronics surpassed Whirlpool in the United States in terms of sales, becoming the global No. 1 home electronics company for the first time in 2020. It maintained its No. 1 position for two consecutive years until last year. However, this is the result of overlookingoverlooking Haier, which is relatively unknown in Korea. “It is difficult to directly compare Haier’s group sales, which are the consolidated sales of several brands such as GE, which Haier took over, and LG Electronics’ sales are sales posted by one single brand,” LG Electronics said with reference to this.

Haier rose to prominence on the world stage when it bought foreign home appliance companies. After buying Japan’s Sanyo, it even took over the home appliance division from GE in the United States in early 2016. As of the end of 2014, before GE was in talks with Haier over selling off its home appliance business unit from GE, the unit’s sales sat at 9 trillion won or about US$8.44 billion. Haier has grown tremendously since the acquisition of the unit from GE. Haier’s home appliance sales jumped 1.5 times from about 12 trillion won (US$9.1 billion) in 2015 just before the acquisition of the unit to 18 trillion won (US$14 billion) in 2016.

Haier’s purchases of overseas home appliance companies were made in order to break away from its low-priced brand image as a Chinese company as well as to increase its size, analysts say. Recently, Haier is focusing on the smart home business while emphasizing its Internet of Things-based premium home appliance strategy.

LG unveils vision for ThinQ smart home platform

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LG Electronics said Monday it presented a blueprint for ThinQ, a platform brand that connects home appliances and consumer electronics with smart technology for higher efficiency, at the Connectivity Standards Alliance member meeting in Seoul.

Jung Ki-hyun, vice president of LG’s platform business center, attended the four-day event as a keynote speaker and shared the company’s vision for providing more consumer-friendly smart home services.

He outlined three core values of ThinQ: advancement, connectivity and openness.

“LG ThinQ will soon serve as a partner that enhances the lives of our consumers by creating a smart environment — whether that’s at work, home and on vacation — that is tailored to their lifestyles,” Jung said.

ThinQ users can enjoy heightened connectivity for LG home appliances by connecting ThinQ to the Internet of Things and other smart devices that enabled Matter, an Internet Protocol-based communications standard for smart home technologies.

In line with the global trend toward artificial intelligence-based service releases, LG looks to equip AI chatbot services and AI-based voice recognition technology to ThinQ.

It also hopes to propel ThinQ’s open innovation strategy by taking full advantage of the wide range of opportunities offered by AI. This includes providing support for virtual assistant software platforms such as Google Assistant and Amazon Alexa, which are gaining popularity across diverse consumer demographics.

“We are paving the way for the age of ambient computing. We will continue developing our AI technology and Internet of Things connectivity so our consumers can get the best smart home experience with ThinQ,” Jung said.

The CSA is an organization that drives collaboration in IoT by developing universal open standards that enable the connectivity and interaction of objects. It also specializes in the standardization of a protocol called Matter.

Alongside LG Electronics, this year’s event was attended by 134 members around the globe, including Apple, Amazon and Google.

Renting large home appliances becomes popular among young Koreans

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South Korea’s home appliance rental market is expanding as younger generations, who prioritize experience over ownership, prefer to rent instead of buying.

Renting large appliances such as refrigerators, air conditioner and washing machines, which cost a lot to purchase, has become an affordable alternative for people who move frequently or cannot afford the upfront costs.

According to data from the country’s top three electronics rental businesses ? Coway Co., LG Electronics Inc. and SK Magic Co. – their cumulative number of rental accounts is estimated at around 11.81 million at the end of last year. The local rental market has been steadily growing each year, with 11.04 million accounts in 2020 and 11.46 million in 2021.

As the market grows, the range of appliances available for rent is also diversifying. Large home appliances, also known as white goods, are becoming more popular, with LG Electronics starting to offer rental services for air conditioners and washing machines last year in addition to refrigerators in 2020.

LG Electronics reported that its rental business revenue in the third quarter of last year reached 551.9 billion won, a 20 percent increase from 459.7 billion won during the same period in the previous year. Samsung Electronics Co. is also offering rental services for its washing machines, dryers, air conditioners, refrigerators and vacuum cleaners in collaboration with SK Magic. The total number of products rented by these companies reached 23,000 units last year.

The main driving force behind the expansion of the home appliance rental market is millennials and young working professionals who are familiar with the sharing culture. Among the new LG Electronics rental subscribers last year, the proportion of those in their 20s and 30s was as high as 30 percent. Including those in their 40s, customers aged 20 to 40 account for 65 percent of the total.

LG’s ‘uplifting’ home appliances tailored to different lifestyles

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LG ThinQ UP home appliances can adapt to the changing lifestyles of its customers thanks to its sleek upgradable features. The range includes refrigerators, washers, dryers, oven ranges, and dishwashers with new functions that can adapt to users’ needs without them having to make any additional purchases.

Built around the customer-centric concept ‘Evolving with You’, the LG ThinQ UP appliances were first launched in South Korea and have since seen international success. The company will continuously develop easy-to-install software updates and hardware add-ons, delivering specialised options and new conveniences based on the usage patterns and suggestions of ThinQ UP appliance owners.

One of the custom features available to download this year is the Laundry Saver Mode which can be applied to dryer models with ThinQ UP. Extremely useful for those times when you can’t unload the dryer right away, Laundry Saver keeps the drum tumbling after the cycle has finished – and until the dryer door is opened – to help prevent wrinkles and odours. Another feature on offer is Improved Nighttime Brightness Control for refrigerators with ThinQ UP, which makes the fridges’ interior lighting softer at nighttime so as not to ‘blind’ users when they open the door

All new software features are optional, and can be easily downloaded from the LG ThinQ app.
“A new paradigm in the home appliance industry, LG ThinQ UP is an innovative, new solution that delivers unprecedented customer value and differentiated user experiences,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “We will continue to offer sophisticated lifestyle solutions that provide personalised performance, convenient features and customisable upgradability.”

LG Reinforces Strong Position in the European HVAC Market

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LG Electronics (LG) is showcasing its latest heating, ventilation and air conditioning (HVAC) solutions at the International Trade Fair for Sanitation, Heating and Air (ISH) 2023, taking place in Frankfurt, Germany, from March 13-17. On display across the Residential Solution booth and the Commercial Solution booth, LG’s industry leading solutions for home and business deliver the strong performance and energy efficiency that European customers demand.

Due to tighter environmental regulations and the short supply of natural gas, the European HVAC market has seen growing interest in heat pump air conditioning systems that can reduce carbon emissions and dependence on fossil fuels. In 2019, the European Union announced its “European Green Deal” policy, which aims to achieve carbon neutrality by 2050. Last year, it also declared the “REPowerEU” plan to expand the use of renewable energy by 2030 and reduce energy consumption and reliance on fossil fuels.

Reflecting current market trends and a commitment to energy efficiency, LG’s HVAC products at ISH 2023 demonstrate the quality and value that have made the company one of the industry’s biggest players. Visitors to the Residential Solution booth can explore various solutions designed for private residences, including air source heat pumps (ASHP) employing low-Global Warming Potential (GWP) refrigerants, advanced Energy Recovery Ventilation (ERV) systems, LG’s reliable Water Heater as well as the Energy Storage System (ESS) and Building Energy Control (BECON) solution for smart energy management.

Making its global debut at ISH 2023 is the brand-new Therma V™ R290 Monobloc for residential applications. The impressive ASHP utilizes R290 refrigerant, which has a GWP of three – far lower than the GWP of refrigerants commonly used in heating solutions. The Therma V R290 Monobloc also delivers dependable indoor heating to keep homes comfortably warm throughout the coldest months of the year.

The LG Therma V series of high efficiency heat pump air conditioning systems are gaining wide popularity in the European market. Delivering a differentiated customer experience based on advanced technologies and convenient energy-saving features, LG’s outstanding ASHPs saw an increase in sales of more than 120 percent over the past year. In the majority of European countries where the company’s HVAC business operates, including France and Germany, sales of LG heat pumps more than doubled in 2022.

As ASHP solutions, LG Therma V products use outdoor air to generate energy for cooling and heating, leading to significant gains in operational efficiency. LG Therma V utilizes 75 percent thermal energy harnessed from the air and 25 percent electricity, helping households to reduce their dependence on fossil fuels.

Another energy efficient LG solution in the spotlight at ISH 2023, the Multi V™ i Variable Refrigerant Flow (VRF) system can be found in the company’s Commercial Solution booth. Equipped with LG’s highly evolved AI engine, the Multi V i improves energy savings by up to 24.7 percent* via AI Smart Care, which uses spatial and situational learning to adjust cooling and heating power. The solution also leverages LG’s AI Indoor Space Care to help maintain an even indoor temperature; automatically turning on the indoor units in a given area when occupants are detected, and turning them off again once the occupants have left.

“From the new Therma V R290 Monobloc to the Multi V i, our latest HVAC solutions demonstrate our commitment to promote a more energy efficient lifestyle,” said James Lee, head of the Air Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “LG will continue to develop smart, energy-saving solutions and endeavor to step closer to carbon neutrality.”

Visitors to LG’s ISH 2023 exhibition booth (E69, 12.1 Hall, Messe Frankfurt) can experience the company’s full portfolio of cutting-edge HVAC solutions.

LG’s Inverter Direct Drive Motor Reaches Milestone With 100 Million Units Produced

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A Key Component of Premium LG Washing Machines for More Than Two Decades,
Company’s Innovative Motor Technology Continues to Evolve for Excellence

SEOUL, March 10, 2023 — LG Electronics (LG) announces that the production of its Inverter Direct Drive™ (DD™) motor has exceeded 100 million units. The company’s differentiated motor technology is a major factor in the strong, reliable performance and continuing global popularity of LG’s industry-leading laundry solutions.

From 1998 to the end of 2022, the company produced, on average, over 12,000 Inverter DD motors per day. LG’s Inverter DD motor connects directly to the washing drum, an innovation that helps make LG washing machines more durable and dramatically reduces noise and energy consumption during operation.

LG has refined the Inverter DD motor over four generations, continuously improving the technology and its performance capabilities to deliver greater customer value. The company holds over 240 Inverter DD motor related technology patents in Korea and internationally. In 2019, the company applied Artificial Intelligence (AI) to the Inverter DD motor to further enhance its efficiency and effectiveness. Used in LG’s premium washing machines and dryers, the AI DD motor leverages deep learning technology to detect the weight of each load and the types of fabrics being washed. It then selects the optimal combination of drum movements from the company’s proprietary 6 Motion technology – which enables six discrete drum movements – to care and clean for users’ laundry.

Last year, LG brought its advanced Inverter DD motor to its dryers for the first time. Like the company’s washers, LG dryers also offer 6 Motion (Tumble, Swing, Rolling, Stepping, Scrubbing and Filtration) technology to boost drying performance and minimize fabric damage. LG’s inverter motor technology – specifically, the AI DD – became the first home appliance technology to earn Deep Learning AI Verification from global safety science company UL (Underwriters Laboratories).

“The number of Inverter DD motors produced points to the excellence of the motor technology LG has developed for its premium laundry solutions,” said Kim Yang-sun, head of the Component Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “We will continue to create highly efficient core components that boost the performance and reliability of our products while also reducing carbon emissions during operation.

LG India new production line

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After more than 25 years of providing people in India with innovative products, LG has become a household name in the country by building its reputation as the top producer of home appliances. Last year, the company was even named by TRA Research as the Most Trusted Brand in the refrigerator and washing machine categories as well as the air conditioner and microwave oven categories, which not only suggests LG India has retained trust and leadership, but also enhanced its portfolio in this vital market.

So, to perform its duties as an industry leader while reaffirming its commitment to the government’s ‘Make in India’ mission, LG has invested a total of approximately 24 million USD to open a new manufacturing line for its premium side-by-side refrigerators in Pune, India.Equipped with advanced technologies and machineries, the upgraded Pune campus can produce 200,000 side-by-side refrigerator units every year as well as a large number of double-door and single-door refrigerators.