LG Electronics adds $6.1 billion worth to its order book on automotive electronics H1
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According to LG Electronics on Tuesday, the orders the company’s VS division added include deals of supplying In-Vehicle Infotainment (IVI) for EVs and 5G-based telematics - vehicle wireless communication systems - to major automakers.
With the addition of 8 trillion won ($6.1 billion) orders, the vehicle electronics segment expects to accumulate 65 trillion won in order backlog by the end of the year.
LG Electronics is expanding its business portfolio by partnering with global auto companies and supplying its P-OLED IVI systems to Mercedes Benz AG and General Motors and its infotainment system to Groupe Renault.
“We will continue to provide unique electronic automotive products based on LG Electronics’ advanced technology,” said Eun Seok-hyun, president of LG’s VS division.
The VS division’s infotainment system is largely regarded as the core technology of future mobility. The key products of its infotainment systems are telematics and audio, video, and navigation (AVN). LG Electronics is currently No.1 in the telematics market with a market share of 22.7 percent and it also achieved a double-digit market share in the AVN market.
ZKW Group, acquired by LG in 2018, has clients from all around the world including luxury car brands BMW, Benz, Audi, and Porsche.
Shares of LG Electronics closed up 5.88 percent to 95,500 won on Tuesday afternoon.
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