nterview with Byaeng-kuk Yoo, head of the Automotive Components Business Unit
Camera module, LIDAR, and more for ADAS
Completion of autonomous vehicle parts portfolio
Advancement of DX·Electrificatio
LG Innotek is launching a strategy to become a ‘total solution provider for autonomous vehicle. The company plans to complete their portfolio with key components required for autonomous vehicle, such as cameras, sensors, communication modules, and power, to provide customized solutions to finished cars and tier 1 parts manufacturers. LG Innotek, which participated in CES for the first time this year, drew attention from global customers by setting up an exhibition hall with automotive components.
Byaeng-kuk Yoo, head of LG Innotek's Automotive Components Business Unit, had his first interview with the Electronic Times Internet and said, "When a customer meets LG Innotek's automotive component unit, they often ask if we can implement various functions. We will capture the 'Pain Point' of the customer and implement the 'Total Solution Provider' strategy to create customer value.”
LG Innotek already has core technologies related to future cars. These include camera modules, LIDAR, and radar modules for Advanced Driver Assistance Systems (ADAS). In addition, they also developed sensor fusion that combines camera and radar to flexibly respond to technological changes, and also possess lighting, communication, DC-DC converter, wireless battery management system (BMS), and charging communication controller (EVCC) technologies.
LG Innotek said that they would not stop there and is upgrading functions centered on four key axes: Digital Conversion, Electrification, Software-Centered, And Autonomous Driving.
Mr. Yoo continued, "Since we have already secured core components and technology for future vehicles, we can provide the optimal solution that customers want with various combinations. We can also create various synergies. As a company that has proven its world-class competitiveness in camera modules for smartphones and semiconductor package substrates, we can create various synergies in the field of automotive components.”
The automotive component market is growing despite the global economic recession. This is because automobiles are becoming more electrified and evolving into electric vehicles and autonomous vehicles. LG Innotek's investment in the past is also visible. Cumulative sales up to the third quarter of last year were 1.0249 trillion KRW. It is a figure equivalent to the annual sales of 2021 (1.0623 trillion KRW). They made a profit in the third quarter.
Mr. Yoo explained, “Rather than rushing into a quick turnaround right away, we are concentrating on strengthening our internal stability to create a foundation for sustainable growth by improving our internal constitution. The most important thing is to secure additional new customers and prove the best competitive quality and technology.”
LG Innotek's first CES participation was a 'Great Success'. The automotive component solution was the main character. More than 20,000 people visited the exhibition space of about 200 m2. The number of customer meetings alone exceeded 100. About 30% of all meetings were automotive related.
Byung-guk Yoo, said, "The automotive component business does not show immediate results due to its nature, and it requires a lot of time investment and trust and quality are more important than anything else. LG Innotek will stand tall as a key company in the mobility era with source technology and world-class parts technology.”
By Staff Reporter So-ra Park (firstname.lastname@example.org)