LG Sets Record Sales Target for 2011

South Korea’s LG Group is aiming for record sales of about $136 billion next year, with its key electronics units expected to contribute over two-thirds of revenue.

The figure is an 11% increase from this year’s sales of around $122 billion.

The sales goal comes about a week after LG said it would spend nearly 70 percent of a record $18 billion in planned investments for next year in electronics.

A significant part of the spending will go into turning around its loss-making mobile phone business.

LG’s cellphone division led the firm to a loss in the third quarter, and is expected to lose money again in the current quarter.

LG’s first smartphone, the Optimus, was only unveiled in early October, nearly four years after Apple released its first iPhone.

The group also wants to step into new growth areas in consumer electronics like tablets and advanced flat panel displays.

LG’s tablet is only due for release early next year. In contrast, Apple has already sold about 14 million iPads this year, with a new version rumored to be near.

Rival Samsung Electronics, has sold over a million of the Galaxy Tab since its launch in October.

LG Group’s electronics affiliates include LG Electronics, LG Display and LG Innotek.

Foto: NTDTV