[Concall] LG Uplus "Connected Car Division Expects Demand for 1.8 Million New Cars"

[Asia Economy Reporter Cha Min-young] LG Uplus stated during the Q4 2020 earnings conference call on the 3rd that it expects a demand of 1.8 million new cars related to its mobility business division.

Cho Won-seok, Executive Vice President of the Corporate New Business Group, said during the conference call after the Q4 earnings announcement in response to a question about the use of 5G technology in autonomous vehicles, "The mobility sector is largely divided into two areas: connected cars and autonomous driving," adding, "The connected car business is expected to see an annual increase in demand of 1.8 million new cars due to the mandatory installation of in-vehicle communication systems."

He continued, "In the short term, we plan to focus on infotainment functions, which can be implemented quickly and are expected to be profitable," and emphasized, "Last year, we secured orders from global automakers such as Ford and Peugeot, laying the groundwork for market entry."

Earlier, in September last year, LG Uplus signed a memorandum of understanding (MOU) with Hanbul Motors, the official importer of Peugeot and DS Automobiles, and entered into a cooperation agreement in the fields of connected car communication and infotainment. Subsequently, connected car services were first applied to DS's electric vehicle model 'DS 3 Crossback E-Tense.'

Executive Vice President Cho added, "The autonomous driving innovation business will also expand by selectively targeting the government's Digital New Deal policy according to the national future car strategy, focusing on major roads nationwide and mutual agreements."

This content was produced with the assistance of AI translation services.