It holds 22,788 domestic patents and 58,583 overseas patents.
LG Electronics headquarters in Yeouido, Seoul. / Provided by LG Electronics
LG Electronics spent 3.604.5 trillion won in R&D expenses last year, a record high.
According to the LG Electronics 2021 business report on the 17th, the companys RD expenses last year increased by 5.5% compared to the previous year.
LG Electronics RD cost decreased slightly from 3.51 trillion won in 2019 to 3.4154 trillion won in 2020. Last year, it increased again to 3.6045 trillion won. However, the RD cost as a percentage of sales is on the decline from 6.2% in 2019 to 5.9% in 2020 and 4.8% last year.
LG Electronics performed a total of 91 R&D projects last year. As of December 31, last year, LG Electronics had 22,788 domestic and 58,583 overseas patents.
LG Electronics said, “R&D centers affiliated with each business division focus on developing products and technologies to be released in a short period of time, while the chief technology officer conducts advanced research and development on mid- to long-term core technologies.” “Through R&D activities, LG Electronics’ unique We are actively promoting the early discovery of growth engines for the future by reinforcing common core technologies that can be applied to the entire company by securing original technologies.”
Meanwhile, LG Electronics total sales last year increased by 28.7% from the previous year to 74.7 trillion won. In particular, sales of home appliances stood out. LG Electronics surpassed Whirlpool in the US last year to achieve the worlds first place in annual sales for the first time. This year, it plans to invest a total of 4.3 trillion won in RD expenses, mainly in the home appliance business and the electric field business.