On October 28th, LG Electronics’ third quarter sales reached 21 trillion won (equivalent to about RMB 106.84 billion), a new record.
LG Electronics sales reached a record high of 21 trillion won in the third quarter of this year, thanks to the growth of its automotive electronics business. In addition, LG Electronics operating profit for the quarter was 746.6 billion won (equivalent to about 3.798 billion yuan), an increase of 25.1% year-on-year.
LG Electronics third-quarter sales hit a record high
Earlier, according to a report published by BusinessKorea, LG Electronics has become the number one player in the global TCU market. It is reported that TCU is a telematics control unit for automobiles and a key component to enable vehicle communication in connected cars. That means LG Electronics has a firm foothold in this field. In addition, market research firm Counterpoint Research data shows that in the past 2021, LG Electronics with 35.2% market share to become the global TCU market share of the first manufacturer.
Earlier this month, LG Electronics said its operating profit in the third quarter of this year increased significantly year-on-year due to the base effect. LG Electronics achieved a year-on-year increase in operating profit mainly due to poor performance in the third quarter of last year amidst sluggish demand for TVs and home appliances.
However, it should be noted that recently, according to foreign media reports, in the case of high inventory, LG Electronics in cutting production of some products. It is reported that LG Electronics plans to cut the production of TV products in order to control the inventory.
