LG Group's auto electronic product orders exceeded 100 trillion won
28 August 2023
According to the Korean media Business Korea, LG Electronics is actively expanding its automotive electronics business through its VS department and its two subsidiaries, LG Magna e-Powertrain and ZKW. LG Electronics' automotive electronics business made profits again in the second quarter of 2022 after 9 years. By the end of this year, it is expected that LG Electronics' auto orders will reach 84 trillion won.
LG Innotek mainly produces auto communication accessories and auto motors. In the fourth quarter of 2022, the sales volume was 7301.9 billion won, an increase of 27.6% over the same period last year. The operating profit in the fourth quarter was 620.4 billion won, an increase of 44.4% over the same period last year. It is estimated that the automobile order will reach 13 trillion won this year.
LG showed that it continued to lose money due to the depression of the display market, but the automotive electronics business performed well, with the relevant orders approaching 10 trillion won.