South Korean Tech based company, LG Electronics has claimed to have secured 8 trillion won ($6.1 billion) worth of new orders for EV parts and solutions in the first half of this year.
While the company did not reveal the details of the new orders, it is believed to have added new orders for EV Parts in-vehicle infotainment system as well as its telematics solutions used for vehicle communications.
“Based on our advanced technologies and strong partnership with global manufacturers, we will continue to provide differentiated value to our customers,” Eun Seokhyun, President of LG’s vehicle solutions business, said.
LG’s vehicle solutions business is estimated to have an accumulated order backlog of 65 trillion won by the end of the year, up 8 per cent from a year ago, reports said.
The business has made great strides in recent years. Sales jumped 24 per cent last year from a year ago, despite a drop in car production amid global chip shortages.
The company has also fulfilled orders for EV parts and solutions to major carmakers, including Mercedes-Benz AG, French carmaker Renault and General Motors, among others.
In 2018, LG acquired leading automotive lighting and headlight systems provider ZKW Group.
LG Magna e-Powertrain, LG’s joint venture with Canadian auto parts maker Magna International is currently building its third production base in Mexico to supply electric car parts for General Motors.
The construction is scheduled to be completed in 2023.
