LG Electronics vows to become a leader in vehicle solutions

Industry

Published: 29 Jun. 2023, 18:52

LG Electronics vows to become a leader in vehicle solutions

Eun Seok-hyun who leads the LG Electronics vehicle component solutions unit makes a speech at an event celebrating the unit's 10th anniversary on Thursday at LG Science Park in Magok-dong in western Seoul. [LG ELECTRONICS]

LG Electronics vowed to become an industry leader in the automotive solutions business by 2030.

The company celebrated the 10th anniversary of its vehicle component solutions (VS) business launch on Thursday at LG Science Park in Magok-dong, western Seoul.

“The increase in sales we saw last year is a testament to the solid business structure our company has built over the past 10 years,” Eun Seok-hyun, head of LG Electronics' VS unit, said, sharing the so-called "2030 Vision" initiative.

“We will become a global leader in the electric vehicle [EV] components industry, driving the era of EVs and autonomous vehicles through technological and design innovation.”

LG Electronics launched the VS division in 2013 by integrating its car and vehicles' energy component department with V-ENS, an affiliate that LG acquired.

On the back of rising demand for EVs, LG Electronics acquired Canada-based e-powertrain manufacturer Magna and in-car lighting system company ZKW.

The VS division saw a profit for the first time last year in the second quarter, making a turnaround after 26 consecutive quarters of posting operating losses.

Its annual sales hit 8.6 trillion won ($6.53 billion) last year, with an operating profit of 169.6 billion won.

LG Electronics said it had an order backlog of 80 trillion won.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]