LG Innotek CEO Moon Hyuksu: "We Will Raise New Business Revenue Share to 25%"

Moon Hyuksu Sets Future Business Goals During On-Site Management
Targeting the 'Future Mobility Sensing' Market with LiDAR and More
Aiming for 8 Trillion Won in Sensing, Robotics, and Semiconductor Revenue by 2030

LG Innotek has announced its goal to increase the revenue share of its future growth businesses to 25%. The company plans to achieve a rebound in performance by strengthening its semiconductor substrate and automotive electronics (electronic and electrical equipment) businesses, rather than limiting itself to the optical solution business, where competition has intensified due to Chinese companies entering the camera module market.

According to the industry on September 30, CEO Moon Hyuksu of LG Innotek recently stated during on-site management at the workplace, "Our future growth businesses, which are driving the company's sustainable growth, are rapidly expanding," adding, "Let us work together to increase the share of new future businesses to over 25% of the company's total revenue by 2030."

Moon Hyuksu, CEO of LG Innotek, recently revealed the future new business development strategy to employees during on-site management at the workplace. LG Innotek

Since taking office as CEO at the end of 2023, Moon has focused on diversifying the company's portfolio. As the growth driven by the mobile camera module business slowed, it became urgent to concretize new growth engines. He encouraged, "Let us create another leading business that generates differentiated value, based on our most valuable future assets-high-value original technologies and business experience collaborating with global top-tier customers."

LG Innotek, which has concentrated on original technologies, is now seeing results in its future business areas. The LiDAR business is a prime example. Recognizing the limitations of existing vehicle cameras in implementing the advanced sensing functions required for the era of fully autonomous driving, the company has moved into commercializing LiDAR. Recently, LG Innotek signed a 'strategic partnership' with Aeva, a leading American company in LiDAR technology. Additionally, the transfer of the LiDAR business unit to the Optical Solution Business Division was intended to maximize synergy ahead of the first LiDAR supply.

Furthermore, LG Innotek is also focusing on developing the radar business to complete its portfolio of advanced sensing solutions for autonomous driving. As part of this effort, earlier this month, the company made a strategic equity investment in Smart Radar System, a specialized 4D imaging radar company. LG Innotek now holds a 4.9% stake. Smart Radar System is a domestic venture company with proprietary original radar technology. Through this investment, LG Innotek has secured core technologies in high-performance vehicle radars, including 4D imaging radar and ultra-short-range radar (USRR).

In addition to vehicle cameras, LG Innotek plans to expand its LiDAR and radar businesses to lead the future mobility sensing market. Specifically, by 2030, the company aims to grow its mobility sensing solution business to 2 trillion won and its autonomous driving sensing, communication, and lighting (AD/ADAS) parts business, including this, to 5 trillion won.

LG Innotek exhibition booth set up at the 'CES 2025' exhibition hall held in January this year. LG Innotek

CEO Moon Hyuksu has also achieved meaningful results in the robot components business, which he has been aggressively pursuing since last year.

In May, LG Innotek signed an agreement with Boston Dynamics to jointly develop robot components. Under this agreement, the two companies will co-develop a "vision sensing system," which serves as the "eyes" of the robot. LG Innotek will develop the "vision sensing module" to be installed in the next-generation model of Boston Dynamics' humanoid robot "Atlas," while Boston Dynamics will develop software to efficiently process the visual data recognized by the "vision sensing module."

In addition, at the beginning of this year, LG Innotek entered the automotive application processor (AP) module market, further expanding its existing automotive electronics business into the automotive semiconductor field. The "automotive AP module" is a semiconductor component installed inside vehicles to integrate and control automotive electronic systems such as advanced driver assistance systems (ADAS) and digital cockpits. This year, a total of 33 million AP modules are expected to be installed in vehicles worldwide, with demand projected to increase by 22% annually, reaching 113 million units by 2030. LG Innotek aims to reposition itself as a "key player" in the semiconductor components market, led by automotive AP modules and high-value semiconductor substrates such as "FC-BGA."

LG Innotek has set a goal to grow the revenue from its new businesses to over 8 trillion won by 2030. CEO Moon stated, "The areas where LG Innotek's original technologies can be applied are limitless, including future mobility, robotics, artificial intelligence (AI), space, and medical fields," adding, "We will quickly secure customers and markets that can create a new S-curve of technology (the process of rapid growth, normalization, and eventual obsolescence of new technologies)."

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