LG aims to expand business into services and subscriptions

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As communicated by the company, in the fourth quarter of 2023 LG will seek to spearhead a paradigm shift in home appliances with the LG ThinQ UP 2.0 expanding business into services and subscriptions. “Four upgraded features for the ThinQ UP – the company explains – have already been released in North America, accelerating the speed of customer experience innovation”. LG Home Appliance & Air Solution Company closed the third quarter with revenue of KRW 7.46 trillion and an operating profit of KRW 504.5 billion. “The operating profit more than doubled year-over-year, attributable to strong competitiveness in overall business operations including manufacturing, procurement and logistics – the company said –. Revenue maintained strong versus last year’s third quarter, aided by strategic repositioning of product lineups in response to softened demand as well as expansion of B2B lineups including HVAC, parts and built-in appliances”. LG plans to leverage the electrification and decarbonization trend in HVAC systems to accelerate its B2B growth momentum. For example, in the United States, the company recently committed to a series of actions supporting California’s goal to install six million electric heat pumps by 2030. LG is also actively expanding its HVAC portfolio with new Dedicated Outdoor Air Systems.