LG Electronics announced on Wednesday that it is looking to reach 100 trillion won ($77 billion) in sales by 2030 during a statement on its company strategy going forward. The South Korean electronics manufacturer added that it is planning to raise 50 trillion won of investment.
“LG Electronics will transform its business portfolio… increase profits by growing in business-to-business, and transition to a service business,” CEO William Cho stated in a press conference.
In order to achieve its sales goal, LG will look to expand its vehicle components business by more than doubling its revenue to 20 trillion won by 2030. The company is also determined to strengthen its home appliance and TV service platforms by adding more media subscriptions and rentals.
Other growth routes that the company is considering are joint ventures, mergers, and acquisitions.
This announcement comes after LG announced last Friday that it expects a second-quarter operating profit 892.7 billion won; up 12.7% from the previous year. This would be the second-highest Q2 profit that the company has ever recorded.