LG VS Company Celebrates Decade Anniversary, Unveils Vision for 2030.
Why it matters: LG Electronics' Vehicle Component Solutions (VS) Company celebrated its 10th anniversary this week, a significant milestone in the global auto parts industry.
The company unveiled a new strategic plan, Vision 2030, to strengthen its position in the industry over the next decade.
The Key Points
- At a ceremony in Seoul attended by more than 3,000 employees, "Vision 2030" was unveiled by Eun Seok-Hyun, president of LG VS Company. The plan aims to solidify LG's position as a significant player in the automotive solutions sector.
- LG CEO William Cho emphasized the company's commitment to continuous innovation in future mobility.
- LG has been developing its auto parts business since 2013. Its growth has been supported by three main areas: vehicle infotainment solutions, the LG Magna e-Powertrain joint venture, and ZKW Group's vehicle lighting systems.
- LG VS Company reported an operating profit for the first time in the second quarter of 2022 after 26 consecutive quarters of losses. In 2022, the company reported sales of KRW 8,649.6 billion and an operating profit of KRW 169.6 billion.
The Big Picture: After a decade of operations, LG VS Company has made significant progress in the auto parts industry, achieving an operating profit and a substantial share of the vehicle telematics market.
Going forward, the company's "Vision 2030" plan suggests a focus on continued growth and innovation, particularly in the electric vehicle component sector.