LG get $6.1 bn worth order for EV parts in 2022 1st half
Although the South Korean technological company has not revealed the details of the new orders, it would have added new orders for its infodivement system in vehicles as well as its telematics solutions used for vehicle communications.It is estimated that the activity of LG vehicle solutions had an accumulated command of 65 billions won by the end of the year, up 8% compared to a year ago, reports the ‘Yonhap news agency.
The company has made great progress in recent years. Sales jumped 24% last year compared to a year ago, despite a drop in car production in the world of world shortages.The company has provided EV parts and solutions to the main car manufacturers, including Mercedes-Benz AG, the French automaker Renault and General Motors, among others.
LG headed the global telematics market with a market share of 22.7% in the first quarter of 2022, according to Strategy Analytics.”Based on our advanced technologies and solid partnerships with global manufacturers, we will continue to provide differentiated value to our customers,” said Eun Seok-Hyun, president of the LG vehicle solutions activity.
In 2018, LG acquired the leading supplier of Automobile Lighting Systems and ZKW Group headlights.LG MAGNA E-POWERTRAIN, the LG joint venture with the manufacturer of Canadian automotive parts Magna International is currently building its third production base in Mexico to provide electric car parts for General Motors.Construction should be completed in 2023.
