Seoul: LG Electronics Inc., Republic of Korea’s leading home appliances maker, announced a record-breaking investment of 4.76 trillion won (US$3.3 billion) in research and development last year, aiming to foster future growth engines.

According to Lao News Agency, this investment marked an 11.2 percent increase compared to the previous year in 2024, reaching the highest level in the company’s history. The R and D spending accounted for 5.4 percent of LG Electronics’ total revenue of 87.7 trillion won in 2024, a rise from the previous year’s 5.1 percent.

The company emphasized its commitment to enhancing competitiveness in future growth sectors, such as home appliance technologies powered by artificial intelligence, electronic devices for automobiles, and advanced heating, ventilating, and air conditioning technologies.

Additionally, LG Electronics plans to allocate 4.3 trillion won to improve product quality and develop new models this year. Specifically, it intends to invest 1.16 trillion won in the home appliances sector and 936.9 billion won in the automotive electronics sector, with 1.7 trillion won dedicated to R and D and infrastructure.

The regulatory report disclosed that LG Electronics held 26,566 domestic patents and 69,765 overseas patents as of December, with most patents related to technologies in smartphones, televisions, and other major business areas.

In the previous year, the company manufactured automotive electronic devices for 39.9 million vehicles, achieving record sales of 1.67 trillion won in the home appliances rental sector.