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LG makes auto show debut in Munich
Marking 10th anniversary of vehicle component division, LG vows to double automotive sales to W20tr by 2030By Jo He-rim
Published : Sept. 4, 2023 - 18:02
MUNICH -- Korean tech giant LG Electronics made its debut at a major global automotive trade show on Monday, delivering its ambition to expand its presence in the burgeoning mobility industry.
In its first-ever press conference at IAA Mobility, one of the world's largest motor shows, held in Munich, LG CEO Cho Joo-wan defined the role of personal vehicles and underscored the growing presence of software in the mobility industry.
“LG has spent close to 70 years directly selling to individual customers. Throughout this time, we have gained a rich understanding of global customers and their living spaces by endlessly discovering new insights and trends. This eventually turned into various innovations in the customer electronics industry,” Cho said during the press event.
“With our extensive knowledge and experience in this area, we are excited to present our new take on mobility," he added.
Meeting reporters after the speech, Cho said LG will unveil "Alpha-able," the company's next-generation mobility solution fulfilling the consumer needs in the three themes at the next Consumer Electronics Show set to be held in Las Vegas in early 2024.
LG introduced its first mobility solution concept "Omnipod," centered on autnomous car, three years ago.
On M&A plans, LG is currently looking for a new partner, especially in the field of software and content, the CEO said.
At the same time, the vehicle component business will not break up into an independent company for now, as there are many areas such as software and car displays it can create synergy with other divisions in the company.
From conducting consumer surveys to running analyses of the automotive market, LG has defined automotive vehicles as “personalized digital caves," or private spaces giving the driver and passengers "complete freedom" to do what they want.
In the survey on how cars are perceived in daily lives these days, 72 percent of the 31,000 respondents from Germany, UK, US and South Korea described car rides as a “time to enjoy myself," the company said.
Cars were also "a meaningful personal place" for 43 percent of the respondents, carrying more meaning beyond just a convenient means of transportation.
To meet the needs of the consumers, Cho said it has set three customer experience themes -- transformable, explorable and relaxable -- to help it realize its future mobility vision, and that it will be adopting a variety of advanced technologies, including AI, display and extended reality.
For a "transformable" experience, cars, as personalized digital caves, should be able to transform into multi-purpose spaces according to the travel situation and driving purposes, the CEO explained.
"To bring these transformable experiences to life, LG’s leading tech innovations, such as transparent, flexible and rollable displays and a wide range of small home appliances, can be unique solutions for future mobility," Cho said.
Contents also contribute to providing an "explorable" experience, and the combination of advanced AI and XR technology will enhance the in-vehicle environment, Cho said.
Cars also provide a private space. LG’s years of experience in air-related technologies, digital health and well-being will be instrumental in creating another level of "relaxable" experiences, for customers to enjoy “me time” while resting and recharging with advanced technologies and connected services, the CEO added.
Marking the 10th anniversary of its vehicle component division this year, LG has vowed to double the revenue of its vehicle component business to 20 trillion won ($15 billion) by 2030, with its core product segments encompassing automotive infotainment systems, electric powertrains and lighting systems.
LG is also expanding its EV charging solution business, having acquired HiEV Charger last year. Until now, the company has introduced four types of EV chargers with an array of safety-enhancing features -- two 7-kilowatt models (wall-mounted and stand types) and two fast-charging models, of 100 kilowatts and 200 kilowatts, respectively.
“We strongly believe future mobility should focus on the mission to deliver another level of customer experience. LG, with innovative mobility solutions, is more than committed to this important mission,” Cho said.
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