[Concall] LG Electronics "Electric Vehicle Market Expected to Grow by 20%... Aiming to Secure Technology Leadership"

On the 25th, LG Electronics stated during a conference call explaining its first-quarter results that "the electric vehicle market is expected to grow at a mid-to-long-term rate of around 20%," and added, "Our company aims to secure technological leadership in e-powertrain integrated modules in the mid-to-long term by maximizing the effects of joint ventures to strengthen competitiveness in the rapidly growing electric vehicle drive module market." They continued, "We plan to secure product competitiveness such as drive units and expand our global OEM customer base by leveraging Magna's customer network, aiming for sales growth that exceeds the market growth rate in the mid-to-long term."

LG Twin Towers, Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

Regarding strategies for growing sales of the recently spotlighted artificial intelligence (AI) home appliances, LG emphasized, "We launched the AI brand ThinQ in 2017 and introduced upgradable home appliances in January 2022 that provide new features whenever customers want, thus pioneering AI home appliances ahead of others." They highlighted, "We have redefined the meaning of AI as 'empathic intelligence,' which means providing differentiated customer experiences by considering and empathizing with users. We deeply understand customers and offer services that they can genuinely feel. This empathic intelligence in home appliances is not limited to some premium products but is being extended to all upgradable home appliances through the design of on-device AI chips and OS-based platforms, as well as ecosystem construction, attempting expansion into smart homes."

They added, "We have independently developed dedicated on-device AI chips and home appliance OS for full-fledged empathic intelligence home appliances, and since last year, we have been developing next-generation AI chips dedicated to home appliances with improved functions and performance. We plan to continuously diversify our AI chip lineup and expand the application of empathic intelligence to home appliance products." They also stated, "We will upgrade the empathic intelligence customer experience by embedding generative AI-based services into our AI Hub and home appliances."