LG Electronics (LG) has secured orders valued at KRW 8 trillion or $6.1 billion in the electric vehicle (EV) solutions business in the first half of 2022 to deliver its in-vehicle experience to global automakers.
LG Electronics EV business works with major global car manufacturers including Mercedes-Benz, Renault and General Motors for supplying its P-OLED IVI systems for their electric vehicles, LG Electronics said in a news statement issued on Monday.
LG’s EV component solutions business is growing based on its three core businesses sector: the LG Vehicle component Solutions (VS) Company, ZKW Group and LG Magna e-Powertrain.
LG’s ZKW Group offers vehicle headlamp technology, and global clientele includes BMW, Mercedes-Benz AG, Audi and Porsche.
LG Magna e-Powertrain is expanding its production base, adding a third manufacturing facility (Ramos Arizpe, Coahuila, Mexico) to its existing factories in Incheon, South Korea and Nanjing, China. Construction has already begun on the 25,000-square meter site, which is projected to open in 2023 and is slated to produce key components, such as motors and inverters, for General Motors’ next-generation of EVs.
In the first half of this year, the value of orders for LG’s EV component solutions surpassed accumulated value of all orders on hand as of 2021 (KRW 60 trillion) by a mark of 13 percent. LG expects the total orders placed with its EV components business by the end of 2022 will exceed KRW 65 trillion.
The consolidated sales for LG’s EV component solutions business increased up to 24 percent compared to last year, reaching KRW 6.7 trillion.
Strategy Analytics says LG is estimated to be leading the global telematics market, boasting 22.7 percent market share in the first quarter of 2022 and recording a double-digit market share in the audio, video and navigation (AVN) market since last year.
“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,” said Eun Seok-hyun, president of the LG VS Company.