Moon Hyuk-soo, CEO of LG Innotek, "Aiming for 5 Trillion KRW in Automotive Electronics Sales Within 5 Years"

The 48th Annual General Meeting of Shareholders
Official Appointment of CEO

Moon Hyuk-soo, CEO of LG Innotek, announced on the 21st that "we will increase the sales of the automotive electronics business to 5 trillion won within the next five years." Following the statement by Jang Deok-hyun, CEO of Samsung Electro-Mechanics, who said, "We will achieve 2 trillion won in automotive electronics sales next year," it is expected that parts companies will accelerate their moves related to automotive electronics.

After the 48th regular shareholders' meeting of LG Innotek held at LG Science Park in Magok, Gangseo-gu, Seoul, CEO Moon told reporters, "Currently, the sales of the automotive electronics business, including vehicle cameras, are about 2 trillion won," adding, "Although we are cautious as internal coordination is ongoing, we consider this goal achievable because the current automotive electronics order backlog is around 13 trillion won."

Regarding mass production at the Gumi FC-BGA factory, he said, "We have already started small-scale mass production," and added, "Meaningful numbers will come in August or October."

Moon Hyuk-su, CEO of LG Innotek, spoke with reporters on the 21st after the 48th regular shareholders' meeting of LG Innotek held at LG Science Park in Magok, Gangseo-gu, Seoul.
[Photo by Han Ye-ju]

On the XR (Extended Reality) business, which has recently attracted market attention, he said, "We have been preparing for XR for a long time, but the market was not as large as expected," adding, "We are already cooperating with most XR companies, and we expect the market to grow more in 4 to 5 years. We are thoroughly preparing with our clients in this regard."

He also spoke about cooperation with Mercedes-Benz. Recently, top executives from major LG Group affiliates engaged in automotive parts, including LG Innotek, visited the Mercedes-Benz headquarters. CEO Moon said, "Innotek is producing about 18 types of automotive parts, while the group is preparing over 50 types," and mentioned, "We expect to carry out various collaborations with other OEMs besides Mercedes-Benz to enhance the group's capabilities."

Meanwhile, at the shareholders' meeting held that day, the appointment of Moon Hyuk-soo as an outside director was approved. At the board meeting held after the shareholders' meeting, he was appointed as CEO. Since 2009, Moon has served as head of the optical solutions development office and research institute at LG Innotek, playing a key role in continuously developing camera modules and growing the optical solutions business to become the global number one.

CEO Moon emphasized, "The experience of growing the optical solutions business to the world’s number one alongside global big tech customers is the foundation of LG Innotek's 'No.1 DNA,'" adding, "Based on this, we will also grow semiconductor substrates such as FC-BGA and automotive parts businesses to number one."

He continued, "Although visible results have not yet been significant, we have prepared many products for autonomous driving such as ADAS (Advanced Driver Assistance Systems)," and said, "We are trying to secure market share in parts for semiconductor, automotive, and robotics markets by expanding the experience we gained in the mobile market."

In addition, major resolutions such as the report items, approval of the 48th financial statements, the new appointment of CFO Park Ji-hwan as an inside director, and approval of the director remuneration limit were passed as originally proposed.

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