LG Electronics surpassed 2 trillion won in sales in the Indian market during the first half of this year, setting a new record for half-year performance.
According to LG Electronics' semiannual report disclosed on the 14th, its Indian subsidiary achieved sales of 2.2829 trillion won and a net profit of 209.7 billion won in the first and second quarters. Both figures are the highest ever for a half-year period. This achievement comes 28 years after entering the Indian market, as the company has established a fully localized business structure encompassing sales, production, and research and development. LG Electronics has secured its position as a premium brand by maintaining the number one market share in major home appliances such as TVs, washing machines, and refrigerators.
In the 'Global South' region, which includes developing countries in Asia, Africa, and other non-Western areas, sales in the first half of this year reached 10.9525 trillion won, up 3.3% from the previous year. The company also began construction of its third home appliance factory in Sri City, Andhra Pradesh, India, and is currently building a new production base in southern Brazil.
LG Electronics has also expanded its investments in artificial intelligence (AI) and robotics. In the second quarter, the company invested 2.567 billion won in the Mirae Asset AI Investment Association No. 1 and 137 million won in the U.S. robotics company Assured Robot Intelligence. Through these investments, LG Electronics aims to strengthen its AI capabilities and pursue collaboration in robotics software technology.
The average salary for employees in the first half of this year was 59 million won, a decrease of 3.7% compared to the previous year. CEO Cho Joo-wan received a total of 1.574 billion won in salary and bonuses, while Ryu Jae-cheol, head of the Home Appliance & Air Solution Company, received the highest amount among executives at 1.86 billion won. Former President Park Il-pyung, who retired, received 2.711 billion won, including severance pay.
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