LG Electronics plans to launch an automotive electronics talent nurturing program next year, starting with Hanyang University and Kookmin University. It aims to enhance its competitiveness by expanding the domestic automotive electronics industry ecosystem.
The company is expanding investment in automotive electronics infrastructure and human resources as its business in this field is growing at a rapid pace.
The company's automotive electronics business had lost money until 2021. This year, however, the atmosphere has changed dramatically. It recorded an operating profit of 50 billion won in the second quarter of this year, the first operating profit in 25 quarters after the fourth quarter of 2015. Automotive electronics sales in 2022 are expected to reach 8.907 trillion won, accounting for more than 10 percent of the company's total sales.
The division's order intake reached 8 trillion won in the first half of this year alone. It landed orders for infotainment systems and high-performance telematics equipment from Mercedes-Benz and BMW in Germany and Honda in Japan. LG Electronics, a home appliance company, is seen to be transforming into an automotive electronics company.
Other LG Group affiliates are also expanding their automotive electronics business, including LG Energy Solution (batteries), LG Display (infotainment systems), and LG Innotek (autonomous driving cameras).
Recently, countries around the world are pumping up their efforts to switch to electric vehicles from internal combustion engine cars in connection with carbon neutrality. Last month, the European Parliament passed a bill to reduce carbon dioxide emissions from new vehicles with internal combustion engines by 100 percent from 2035. The U.S. government also announced in August 2021 that it will replace 50 percent of new cars sold in the country with eco-friendly electric vehicles by 2030.
