LG Electronics trades higher following Apple Car project report

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LG Electronics trades higher following Apple Car project report

Published: 22 Dec. 2022, 14:02

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

LG Electronics, LG Corp. and LG Innotek traded higher early 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 Apple Car work 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.

LG Electronics was up 5.59 percent to 90,700 won ($71.12) as of noon Thursday, while LG Innotek rose 1.81 percent to 281,500 won. LG Corporation rose 2.03 percent to 80,600 won.

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]