SEOUL – LG Electronics is solidifying its position as a leading provider of electric vehicle component solutions, confirming that it has secured orders valued at KRW 8 trillion for delivery in the first half of 2022.
By expanding 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 augment its comprehensive portfolio.
LG’s EV component solutions business is rapidly growing based on its three core businesses sector: the LG Vehicle Component Solutions (VS) Company, ZKW Group and LG Magna e-Powertrain.
LG’s acquisition of ZKW Group in 2018 has bolstered its position as a leading supplier of vehicle headlamp technology. The company’s global clientele includes some of the world’s most prestigious automakers, such as BMW, Mercedes-Benz AG, Audi, and Porsche. LG Magna e-Powertrain is also expanding its production capabilities, with a new factory under construction in Ramos Arizpe, Coahuila, Mexico. This 25,000-square meter facility is scheduled to open in 2023 and will produce key components for General Motors’ next generation of electric vehicles.
LG’s advanced EV component solutions have seen a surge in orders this year, with the value of orders placed so far exceeding KRW 60 trillion. This represents a 13 percent increase compared to the total value of orders on hand at the beginning of the year. LG expects that the accumulated value of orders for its EV components business will exceed KRW 65 trillion by the end of 2022. Given the current global shortage of automotive semiconductors and other supply issues, this performance is especially encouraging. The company’s EV component solutions business saw consolidated sales increase by 24 percent compared to last year, reaching KRW 6.7 trillion.
LG is a leading player in the global telematics market, with an estimated 22.7 percent market share in the first quarter of 2022. The company has also been recording double-digit market share in the audio, video and navigation (AVN) market for several years now. This dominant position is based on LG’s cutting-edge technology and strong customer focus.
