LG Group units step up joint marketing for in-vehicle electronics

Chief executives of LG Group’s key units, including LG Electronics Inc., will visit the headquarters of global carmakers for a series of closed-door meetings, starting in June, in their push to expand in the software-defined vehicle market, according to industry sources on Monday. 

Kwon Bong-seok, vice chairman of LG Corp., the group’s holding company, will lead a delegation of top executives to promote their latest offerings of in-vehicle systems, poised to be key future growth pillars.

The top management include Cho Joo-wan, CEO of LG Electronics Inc.; Kim Dong-myung, CEO of LG Energy Solution Ltd. ; Jeong Chuldong, CEO of LG Display Co. ; and Moon Hyuksoo, CEO of LG Innotek Co.

In June, they will launch the closed-door Tech Day event with visits to Hyundai Motor Co. and its sibling Kia Corp. The following month, they are scheduled to meet with Honda Motor Co. executives in Tokyo.

During the events, the group’s units will hold individual meetings with prospective clients to pitch their product portfolio, including in-vehicle infotainment systems, automotive displays, camera and communication modules, vehicle headlamps and automotive sensors such as radar and LiDAR (light detection and ranging), as well as electric vehicle batteries.

LG Group's Tech Day event is the fourth of its kind to be publicly known. Last year, it hosted the event at Mercedes-Benz's headquarters in Germany, followed by meetings with Hyundai Motor and Toyota Motor Corp.

COORDINATED EFFORTS

Companies under the South Korean conglomerate have previously engaged in one-on-one sales meetings with global carmakers.

They now expect joint marketing efforts to enhance synergy and strengthen their position in the automotive electronics market.

With the automobile market shifting toward moving electronic devices, vehicle electronics are expected to play a key role in controlling and processing key functions of cars.

“The era is fast approaching when vehicle performance is defined more by the software than by the engine,” said an automobile industry official.

LG Electronics’ vehicle solutions division turned to the black in 2022. Last year, it clinched an order to supply key components for software-defined vehicles (SDVs) to Hyundai Motor.

In 2020, the home appliance giant shipped in-vehicle telematics and infotainment systems to Honda. LG Display is set to deliver automotive displays to Sony Honda Mobility.

Write to Chae-Yeon Kim at why29@hankyung.com
 


Yeonhee Kim edited this article.