LG Electronics "Leap to Electric Vehicle Parts Leader by 2030"

‘A Decade of Challenge, Building Vision 2030 Together’ Theme
VS Business Division Holds 10th Anniversary Celebration Event

LG Electronics marked the 10th anniversary of the VS Business Division, which is responsible for the automotive components business, reaffirming its commitment to becoming a leading global automotive parts company driving the era of electric and autonomous vehicles by 2030.

On the 29th, LG Electronics announced that the VS Business Division is holding a two-day 10th anniversary event at LG Science Park in Seoul under the theme "A Decade of Challenge, Creating Vision 2030 Together," which started the day before. About 3,000 employees of the VS Business Division attended the event, including LG Electronics President Cho Ju-wan and VS Business Division Head (Vice President) Eun Seok-hyun.

LG Electronics has reaffirmed its commitment to becoming a global leader in the automotive components market by 2030, marking the 10th anniversary of the VS Business Division. At the commemorative event held at LG Science Park in Magok, Gangseo-gu, Seoul, under the theme "A Decade of Challenge, Creating Vision 2030 Together," employees viewed a photo exhibition showcasing the 10-year history of the VS Business Division.

LG Electronics' automotive components business is expanding its presence in the global automotive parts market based on the balanced growth of three core businesses considered key technologies for the future mobility era, including electric and autonomous vehicles: ▲vehicle infotainment systems (VS Business Division) ▲electric vehicle powertrains (LG Magna e-Powertrain) ▲vehicle lighting systems (ZKW).

Infotainment is a major differentiating point of electric vehicles, delivering a special customer experience by providing passengers with various driving-related information and entertainment functions simultaneously. The infotainment system, the largest sector of the VS Business Division, is mainly composed of telematics, a vehicle communication module, and audio, video, and navigation (AVN) systems. LG Electronics' telematics held the No. 1 global market share (22.4%) in the first quarter of this year. In the AVN market, it has maintained a double-digit market share since 2021.

LG Electronics established the VS Business Division in 2013 and has nurtured the automotive parts business as one of its future growth engines. Through investments and business advancement efforts over the past decade, it achieved KRW 8.6496 trillion in sales and KRW 169.6 billion in operating profit last year, successfully turning profitable. The cumulative order backlog of LG Electronics' automotive components business reached the KRW 80 trillion level as of the end of last year and continues to expand.

At the event, President Cho said, "The VS Business Division has reached its 10th anniversary thanks to customers' trust and employees' dedication," and encouraged, "Let us continue the challenges and innovations for future mobility that provide differentiated customer experiences." Vice President Eun said, "The VS Business Division has established a sound business structure, achieving profitability last year," and added, "We will become the global leader in the automotive components business leading the upcoming era of electric and autonomous vehicles."

Meanwhile, major automakers such as Hyundai Motor Company, GM, and Renault, customers of LG Electronics' VS Business Division, also congratulated the 10th anniversary through video messages at the event.

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