President Jo Joo-wan emphasizes 'Jeonjang' in Bloomberg interview... "23 trillion won sales target by 2030"

Interview with Bloomberg
"We Will Become the Top Company in the Mobility Industry"
Avoided Answer on Cooperation with Apple on Electric Vehicles

Jo Joo-wan, President of LG Electronics, once again emphasized the expansion of the automotive electronics (car electronic devices) business in an interview with foreign media. He also presented a concrete goal of generating annual sales of $17 billion (approximately 23 trillion KRW) from the vehicle solutions business by 2030.

On the 25th (local time), in an interview with Bloomberg News, President Jo stated, "I am confident that LG Electronics will become one of the top companies in the mobility industry."

Jo Joo-wan, President of LG Electronics.
[Photo by LG Electronics]

The target sales for automotive electronics set by President Jo represent about 20% of LG Electronics' total sales. Last year, 70% of LG Electronics' sales came from home appliances such as washing machines, refrigerators, and TVs, while automotive-related sales, including automotive electronics, accounted for about 13%.

Bloomberg reported that LG Electronics announced a long-term strategy last July, stating it would invest 50 trillion KRW in new businesses by 2030, indicating that the company is attempting to make changes.

President Jo said, "LG Electronics is already playing an important role in the automotive sector, recording $80 billion worth of outstanding orders in technology areas such as e-powertrain." He also emphasized that most automobile manufacturers in the U.S. and Europe, including GM, are customers.

Regarding discussions about cooperation with Apple in the electric vehicle sector, he avoided giving specific answers, stating, "We are confident and prepared to collaborate with current and future automobile companies."

He cited competition with Chinese companies as a challenge. President Jo said, "There is some burden from a supply chain perspective, but LG has no plans to move Chinese production to other regions," adding, "Like many other global companies, we are closely monitoring the current geopolitical situation."

He continued, "Competition with Chinese companies is becoming increasingly fierce in the low-cost home appliance and TV sectors," and added, "LG's goal is to dominate both premium and low-cost electronic products and generate revenue through services connected to these devices." President Jo emphasized, "We must continuously lead the industry."

This content was produced with the assistance of AI translation services.