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THE INVESTOR]
LG Electronics, which is making a big push on automotive parts business, is forecast to increase the sales to about 4 trillion won (US$3.5 billion) in the next two years, according to analyst estimates on July 20.
The company’s auto parts business division is expected to post more than 600 billion won in sales in the second quarter. Last year’s sales reached 1.8 trillion won.
A see-through image of GM’s upcoming full-electric Bolt. LG Electronics will supply 11 key parts, including motor and invertor.
Thus far, its car parts sales mostly come from infotainment systems business but other parts sales are likely to surge in the coming years as it would supply 11 key parts, including motor and invertor, to GM’s full-electric Bolt from the fourth quarter.
The company is also pinning high hopes on the Chinese market. It has recently secured parts supply deals with Chinese EV makers, including China FAW Group, Dongfeng Motor and Foton.
By Lee Ji-yoon (
jylee@heraldcorp.com)