LG Secures $6.1 Bn Worth Orders For EV Parts In H1 2022

South Korean company LG Electronics has revealed securing $6.1 billion worth of new orders for electric vehicle (EV) parts and solutions. This figure is from the first half of 2022 and signifies that the company’s new growth engine is making headways. The fresh orders are believed to be for invehicle infotainment system and its telematics solutions.

As per Yonhap News Agency, LG’s vehicle solutions business has shown a rise of 8 per cent when compared to a year ago. The estimation of accumulated order backlog is pegged at 65 trillion won by year-end.

The figures are an indication of swift progress made by the company. To begin with, sales witnessed a hike of 24 per cent last year as compared to the figures from a year ago. This was achieved despite challenges such as global chip scarcity.

The company has carved a success story for itself by supplying EV parts and solutions to reputed brands- Mercedes-Benz AG, Renault and General Motors, to name a few. It also established itself as a leader in global telematics market, capturing a whopping 22.7 percent market share in the first quarter of 2022, as per a report by Strategy Analytics.

“Based on our advanced technologies and strong partnership with global manufacturers, we will continue to provide differentiated value to our customers,” said Eun Seok-hyun, the President of LG’s vehicle solutions business.

LG became a force to reckon with in 2018 when it achieved the acquisition of leading automotive lighting and headlight systems provider, ZKW Group. It has also joined hands with Canadian auto parts maker, Magna International, to pave the way for the third production base in Mexico. This has led to the formation of a new company G Magna e-Powertrain, which will facilitate the supply of electric car parts for General Motors.