LG Electronics Inc. said Thursday it has inked an agreement with US chipmaker Qualcomm Inc. to tap deeper into the industry for self-driving automobile parts.

Under the agreement, the two companies opened a join research lab for V2X technology in Seoul. They also plan to establish another research center in South Korea by the end of this year.

The V2X technology, which refers to "vehicle to everything," focuses on bolstering connectivity among cars, infrastructure and pedestrians to ensure a safer driving environment.

LG Electronics plans to combine its connected automobile parts technologies with Qualcomm's latest telecommunications chips to lead the market in self-driving car components.

The 5G network technology for automobiles that will be developed by LG Electronics and Qualcomm is around four to five times faster than the long-term evolution network, which is hoped to play a key role in the next generation of self-driving cars, the company added. (Yonhap)