# Who are LG Electronics's customers? Who does LG Electronics earn revenue from?
Canonical: https://valuechain.wiki/lg-electronics · Facet: customers · Updated: 2026-09-11T14:42:30.822674+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: LG Electronics's confirmed revenue counterparties include General Motors, Flex Ltd., Lowe's Companies, Inc. plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 10 dated sources, 1 of them primary filings (as of 2026-09-11).

### 완성차 (VS 전장: 인포테인먼트·구동부품) (high)
- metric: Amount ₩11.1T · FY2025 VS 부문 매출
- note: The automaker demand of the VS (automotive) business — FY2025 VS revenue was KRW 11,135.7bn (12.5% of the group), supplying telematics, AV, AVN, motors and inverters to Mercedes-Benz, BMW, Honda and others at a record level. The order backlog was ~KRW 100tn at end-2024 (IR), pre-securing future revenue, though the FY2025 business report states it no longer separately manages or discloses backlog.
- [confirms] DART (FSS) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313000662: "VS segment revenue KRW 11,135.7bn (12.5% of group)"
- [mentions] Eugene Investment & Securities (KO, research, published 2026-02-02) https://www.eugenefn.com/common/files/amail//20260202_066570_Juhyeonglee_51.pdf: "Eugene Investment: VS stable profitability on high-value mix; BUY, target KRW 117,000"
- [confirms] LG Electronics Newsroom (KO, news, published 2026-01-30) https://live.lge.co.kr/2601-lg-2025sales/: "VS (automotive) posted record revenue and operating profit in 2025"
- [confirms] KED Global (EN, news, published 2022-12-28) https://www.kedglobal.com/automobiles/newsView/ked202212280022: "Orders for infotainment and telematics from Mercedes-Benz, BMW and Honda."

### 북미 대형 리테일 (베스트바이·홈디포·로우스) (high)
- metric: Market share 31.5% · FY2025 상위 10대 매출처 비중
- note: The end distribution channel for appliances and TVs — the FY2025 business report names Best Buy, Home Depot and Lowe's among top customers, with the top-10 customers at 31.5% of consolidated revenue. North American consumer and housing cycles transmit into appliance sales through this channel.
- [confirms] DART (FSS) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313000662: "Top customers Best Buy, Home Depot, Lowe's; top-10 at 31.5%"

### (주)LG (그룹 지주) (high)
- note: Group holding company LG Corp is the largest shareholder controlling LG Electronics — the vertical integration and related-party dealings with electronics affiliates like LG Innotek and LG Display sit atop this holding structure.
- [confirms] DART (FSS) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313000662: "Group holding LG Corp is the largest controlling shareholder"

### General Motors (high)  → /general-motors.md
- note: From the 51%-owned LG Magna e-Powertrain Mexico plant, supplies drive motors and inverters for GM's next-gen EV platform — direct exposure to the electrification cycle and a core engine of VS growth.
- [confirms] ZDNet Korea (KO, news, published 2024-10-24) https://zdnet.co.kr/view/?no=20241024172914: "VS order backlog around KRW 100tn this year."
- [confirms] Maeil Industry News (KO, news, published 2024-08-01) https://www.imsn.kr/news/articleView.html?idxno=10268: "LG Magna's new Mexico plant ramps motor production for GM's new EV platform."

### 현대차·기아 (mid)
- note: Vehicle-system/automotive customers (per press reporting, undisclosed) — the end demand for the VS business, where automakers' electrification and software-ization drive the backlog.
- [mentions] KED Global (EN, news, published 2024-04-15) https://www.kedglobal.com/automobiles/newsView/ked202404150004: "Hyundai Motor and Kia named among LG's vehicle-component customers."

### 플렉스 (mid)  → /flex-ltd.md
- note: This is at the MOU stage; no supply volume or contract value has been disclosed. Classified as a revenue edge because Flex would integrate LG Electronics' cooling hardware into its modular solutions, though a revenue-sharing structure cannot be ruled out (see open_questions).
- [confirms] Seoul Economic Daily (KO, news, published 2025-11-04) https://www.sedaily.com/NewsView/2H0BNXV7FX: "LG Electronics and Flex signed an MOU on November 3, 2025 in Dallas, Texas, to co-develop modular data center cooling solutions combining LG's chillers, coolant distribution units (CDUs) and computer room air handlers (CRAHs) with Flex's IT and power infrastructure."

### 로우스 (mid)  → /lowes.md
- note: LG Electronics supplies premium washers and dryers to Lowe's for sale in the United States. LG Electronics and The Korea Economic Daily each confirmed the start of supply in June 2025, but neither disclosed the amount.
- [confirms] The Korea Economic Daily (KO, news, published 2025-06-24) https://www.hankyung.com/article/202506245312g: "LG Electronics said it began supplying Lowe's with LG Signature washers and dryers."
- [confirms] LG (KO, ir, published 2025-06-24) https://lg.co.kr/media/release/29082: "LG Electronics began supplying Lowe's with LG Signature 29-inch washers and dryers."

Reverse side: https://valuechain.wiki/lg-electronics/suppliers.md · Ripple: https://valuechain.wiki/lg-electronics/ripple.md

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Full node: https://valuechain.wiki/lg-electronics.md · JSON: https://valuechain.wiki/lg-electronics.json