LG said this again strengthens the company’s position as a big player in the electric vehicle component business solutions.
“By leveraging advanced core technologies and strong global manufacturing partnerships, we will continue to provide distinct added value to all of our customers in the automotive industry,” said President of LG VS Company Eun Seok-hyun in a press statement, Friday (15/15). 7/2022).
Furthermore, LG has worked closely with various global car manufacturers including Mercedes-Benz AG, Groupe Renault and General Motors to provide the P-OLED IVI system to all its electric car products, while enhancing their portfolio more comprehensively.
LG’s electric car component solutions business continues to grow rapidly through three core business sectors: LG Vehicle component Solutions (VS) Company, ZKW Group and LG Magna e-Powertrain.
Acquired by LG in 2018, the ZKW Group offers market-leading vehicle headlight technology, and also collaborates with global clients including BMW, Mercedes-Benz AG, Audi and Porsche.
Meanwhile, the LG Magna e-Powertrain is expanding its global production base, adding a third manufacturing facility in Ramos Arizpe, Coahuila, Mexico after building 2 other existing factories in Incheon, South Korea and Nanjing, China.
Construction has started on a land area of 25,000 square meters and the factory is expected to open in 2023.
The plant in Mexico will be used as a place to produce key components such as engines and inverters for General Motors’ latest generation EV.
In the first half of this year, the value of orders for LG’s EV component solutions exceeded the total accumulated value of all existing orders in 2021 (60 trillion won) with an increase of 13 percent.
LG expects that the accumulated orders placed in its electric car components business by the end of 2022 will exceed 65 trillion won.
Amid declining vehicle production due to lack of semiconductor stock and other global supply problems, LG EV recorded consolidated sales of its components up 24 percent compared to last year and reached sales of up to 6.7 trillion won.