LG Electronics Sells More TVs, Refrigerators and Washing Machines

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LG Electronics achieved significantly more sales in the first quarter selling more TVs, refrigerators and washing machines.

 

The South Korean company benefited from the fact that consumers were more at home due to the corona pandemic and more often bought a new TV, refrigerator and washing machine. The company also sold more auto parts in North America and Europe.

LG makes, among other things, cameras and infotainment systems for vehicles. Earlier this month, the technology company announced that it would stop producing smartphones, partly because of the fierce competition in the market. Production will end at the end of July.

LG was one of the pioneers with smartphones running Google’s Android operating system, with the popular LG Nexus model.

The turnover of the part that sells smartphones remained virtually the same on an annual basis at 1 trillion won (740 million euros). The loss in the branch was limited because no more money is invested in the development and marketing of new devices.

Revenues for the entire technology group increased by 28 percent year-on-year in the first quarter of 2021 to a record high of 18.8 trillion won (14 billion euros). It posted a net profit of 1.17 trillion won, more than 8 percent more than a year earlier.

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