LG Electronics on Tuesday established that it has secured orders valued at KRW 8 trillion ($6.1 billion) in the first half of 2022 to deliver its in-vehicle experience to diverse global automakers. Developing cooperation with major global car manufacturers including Mercedes-Benz AG, Groupe Renault and General Motors and supplying its P-OLED IVI systems to clients’ electric vehicles, LG is seeking to expand its comprehensive portfolio.
In the first half of this year, the value of orders for LG advanced EV component solutions exceeded the total accumulated value of all orders on hand as of 2021 (KRW 60 trillion) by 13%. The company expects that the amassed orders placed with its EV components business by the end of 2022 will exceed KRW 65 trillion in value.
According to the company, its EV component solutions business is quickly growing based on its three core businesses: the LG Vehicle Component Solutions (VS) Company, ZKW Group, and LG Magna e-Powertrain.
Given the decline in vehicle production due to the deficit of automotive semiconductors and other ongoing global supply issues, the performance is encouraging as the consolidated sales for LG’s EV component solutions business increased up to 24% compared to last year, reaching KRW 6.7 trillion. “Leveraging the advanced core technologies and the strong partnership with the global manufacturers, we will continue to provide differentiated value to our auto-industry customers,” Eun Seok-Hyun, president, of LG VS Company, said.
In 2018, LG acquired one of the industry’s leading automotive lighting and headlight systems manufacturers ZKW Group. LG Magna e-Powertrain, LG’s joint venture with Canadian auto parts maker Magna International is currently building its third production base in Mexico to supply electric car parts for General Motors. The construction is planned to be completed in the year 2023.