LG Electronics’ Australian unit has developed a new strategy to counter Chinese brands that could lead to it focusing more on B2B and premium products next year. LG is unwilling to lose market share, especially in areas such as the TV and home appliance markets. Chinese companies are actively expanding, especially in the TV market, putting pressure on Samsung and LG. LG hopes to gain share in the high-end market competition. The company plans to develop strategies for each country to address the challenges of different markets.
In addition, LG is targeting the B2B market, hoping to achieve B2B sales of US$29.5 billion by 2030 to supplement the consumer market affected by inflation concerns. The strategy aims to transform LG into a “smart life solutions company”, accelerate inter-enterprise connections, and explore new business areas such as digital health and electric vehicle charging. LG will continue to pursue sales growth and focus on the electric vehicle parts business, heating, ventilation and air conditioning business to support decarbonization and electrification. LG achieved solid results in the third quarter, mainly due to profit growth in its home appliance division.
(Source: channelnews Picture source: channelnews )
