Tired of playing second fiddle to rival Korean powerhouse Samsung, LG Electronics is aiming to be among the "Global Top 3"--the world's top three electronics, information and communications brands-- by 2010.
To its credit, LG shows that it is never too late to join the join the mobile party. According to IDC, the company matched Motorola in the number of 3G handsets shipped worldwide in the fourth quarter of 2004. In addition, it overtook Siemens as the world's fourth-largest cell phone maker last year, behind Nokia, Motorola and Samsung.
However, analysts have been skeptical about its growth in the cell phone market. For example, its shipment of 12.09 million units in the second quarter of 2005 had fallen short of the company's own expectations of 13.0 million. But LG believes that it will be able to exceed its internal forecast of 60 million units for 2005.
In the market, its strategic moves to establish joint ventures with Philips and Nortel Networks have paid off handsomely. LG.Philips Displays, a joint venture with Philips, is one of the world's leading CRT and LCD panels maker. By partnering Nortel, LG hopes to jump onto the WiMax bandwagon, and is expected to release WiMax-enabled LG phones for trials by the end of 2006.