SEOUL (Reuters) - LG Electronics Inc (066570.KS: Quote, Profile, Research), the world's fifth-largest mobile phone maker, said on Friday difficulties at rival Motorola Inc (MOT.N: Quote, Profile, Research) give it a strong chance to win market share from the world No.3.
"Yes, we'll increase our market share sharply," LG's chief executive Nam Yong said, when asked by Reuters whether Motorola's poor performance is seen as a chance for the South Korean company.
Nam, speaking on the sidelines of a seminar in Seoul, did not elaborate on the market share target.
LG, which had 7.2 percent of the global mobile phone market in 2007, said in January it aimed to sell 100 million mobile phones this year for an 8.3 percent market share.
It is pinning hopes on premium models such as "Viewty" while also trying to expand in fast-growing emerging markets.
On the other hand, Motorola has been losing market share to rivals such as Nokia (NOK1V.HE: Quote, Profile, Research) and Samsung Electronics Co Ltd (005930.KS: Quote, Profile, Research) after failing to come up with a strong successor to the Razr phone, its last blockbuster.
Last month, the U.S. cell phone maker announced a strategic review that could lead to the separation of the loss-making mobile phone unit.
Shares in LG Electronics, which also makes appliances and televisions, fell 0.3 percent to 94,100 won by 10:09 p.m. EST, in a wider market down 1.6 percent. LG's handset division represents more than 40 percent of its sales.
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