The South Korean headquarters of LG Electronics will continue to support the business with global technologies and existing relationships with global car manufacturers.
LG Electronics India is planning to enter the country’s automotive electronics sector by developing vehicle solutions at its third plant in Sri City Andhra Pradesh. The proposed portfolio, approved by the company’s board on Friday, includes in-vehicle infotainment, displays, telematics, advanced driver assistance systems (ADAS), vehicle computing and automotive software.
The company didn’t mention the investment amount, stating that investment would come in phases depending on the business scale, equipment requirements and market research. The company plans to leverage its global capabilities to tap the Indian market. The Memorandum of Association, (MOA), enabling the new B2B growth vertical of automotive electronics is subject to shareholder approval.
“India is one of the biggest and fastest-growing automotive markets in the world. At the same time, the current generation of cars in India is very well connected, digital and smart tech, and that creates a very significant opportunity for LG India,” said Sanjay Chitkara, an LG Electronics India executive. He added that in India, the company will start with telematics, a technology where LG is a leading global player.
The executives mentioned that the South Korean headquarters will continue to support the business with global technologies and existing relationships with global car manufacturers. Officials described the new vertical as an expansion of the software mobility platform in the automotive segment.
