LG wins 8 trillion orders in its auto industry to reach 65 trillion by the end of the year

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.

Over the years, LG Electronics has made its name in the technology industry through its fascinating and users friendly consumer electronic products. The uniqueness of the firm has made it to be one of the world-leading consumer electronic products and it is currently the fourth-largest chaebol in South Korea.

However, it seems the firm is about to boost its automobile industry to maintain its zenith. In an official statement released today, the firm disclose that its automobile fraction has received new orders totaling 8 trillion won in the first half of this year, with total cumulative orders expected to top 65 trillion won by the end of the year.

According to the firm, its Vehicle Component Solution unit has signed a series of new contracts with major automakers to offer its in-vehicle entertainment systems and 5G telematics solutions.

With three primary pillars – infotainment, powertrains, and automotive lighting systems – the South Korean tech giant is trying to boost its competitiveness in the future mobility market.

Meanwhile, it is a known fact that the VS business specializes in developing in-car infotainment systems such as telematics and AVN or audio, video, and navigation solutions, while its two affiliates, ZKW and LG Magna e-Powertrain, are experts in automotive lighting systems and electric vehicle powertrains, respectively.

LG reported 6.7 trillion won in automobile parts sales last year, a 24 percent increase over the previous year. The business called the figure strong growth, noting that global automakers are facing production limits owing to chip shortages.

Recently, the firm accounted for 22.7 percent of global telematics sales in the first quarter of this year, according to market tracker Strategy Analytics. BMW, Mercedes-Benz, Audi, and Porsche are among the companies that use ZKW lighting systems.

Likewise, LG Magna, a recently formed joint venture with Canadian auto parts manufacturer Magna International, is extending its global production network. Following the establishment of manufacturing facilities in South Korea and China, the company has recently begun the development of a new parts plant in Mexico.

Consequently, in his reaction, Eun Seok-hyun, head of the VS unit said the firm will continue to offer differentiated values to its clients through its technological prowess in the key automotive parts sectors.

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