LG Electronics trades higher following Apple Car report

Home > Business > Tech

LG Electronics trades higher following Apple Car report

Published: 22 Dec. 2022, 16:58

An anticipated concept image of the Apple Car [JOONGANG PHOTO]

LG Electronics, LG Corp. and LG Innotek rose in trading Thursday, following a local media report that LG Corp. has formed a consultation body to coordinate the supply of parts for the Apple Car project.

The report said that the body was established at the request of the Cupertino, California smartphone maker.

The committee will coordinate the supply of parts for Apple Car with LG Corp.-related companies, including LG Electronics, LG Innotek and LG Energy Solution.

An LG Corp. executive denied the report.

“It’s just not true,” he said, without elaborating further.

LG Electronics gained 5.12 percent to close at 90,300 won ($70.80) Thursday, while LG Innotek rose 1.08 percent to 279,500 won. LG Corp. added 1.9 percent to 80,600 won.

LG Energy Solution dropped 1.15 percent to 471,500 won, after analysts predicted the EV battery maker’s earnings in the fourth quarter will fall short of the market consensus.

The LG Electronics push in electric vehicle (EV) components business has led to a number of reports, all unconfirmed, that LG Electronics may be working to become a supplier for the Apple EV car project.

LG Magna e-Powertrain, a joint venture between the electronics company and Magna International, produces motors, inverters and onboard chargers for EVs. The EV parts division of LG Electronics was spun off and absorbed by the venture with the Canadian automotive parts company.

Innotek has increased the range of automotive products it makes to include cameras, radars and modules for telecommunications and power supplies.

An Apple Car has been in the works since about 2014, with reports emerging from time to time about a possible rollout date. Project Titan, as it is known, has been scaled back considerably, especially in terms of autonomous driving ambitions.

The trade press is now talking of a 2026 target date for availability.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]