The reason we joined hands with Magna was’thirst’ to enter the European market.
“Increase in orders through synergy… Target sales of KRW 1 trillion in 2023”
[서울=뉴스핌] Reporter Kim Sun-yeop = LG Electronics drew a line as “a part that requires the final judgment of the customer” on the possibility of supplying its own parts to Apple cars in the future.
It is true that the opportunity to manufacture electric car parts for Apple has increased as a result of the establishment of a joint venture for electric car parts with Magna, a global auto parts maker, but it is a distant future, so it is difficult to confirm.
According to LG Electronics on the 24th, when asked about the possibility of collaboration with Apple at the conference call held the previous day, Geun-Tae Kim and Hong-ki Min, Executive Vice President of Business Management at VS Headquarters, said, “If there is an opportunity to manufacture Apple with Magna’s finished car manufacturing and engineering capabilities, It means that the possibility of supplying LG Electronics has increased,” he said. “But the final judgment of the customer is necessary.”
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According to foreign media, Apple has set an internal goal to produce passenger cars equipped with self-developed batteries by 2024.
On the 23rd, on the news that LG Electronics will establish a joint venture with Magma, LG Electronics’ share price recorded an upper limit. This is because of the expectation that it will supply electric vehicle motor parts to Apple.
Samsung Securities analyst Lim Eun-young said, “As Apple’s 2024 auto mass production plan was reported, Magna’s share price has recently risen more than 10%. It is possible that LG Electronics supplies electric vehicle drive systems to Apple cars and Magna is in charge of vehicle production. Scenario”.
LG Electronics also explained that the reason for establishing a joint venture with Magma is because of its thirst to enter the European market.
LG Electronics said, “The reason I felt the difficulty in European sales is not because of performance and cost issues, but because of system design capabilities and proactive ideas,” said LG Electronics. “Using Magna’s access point, which has high system design expertise and is participating in major electric vehicle projects for European customers, “We will seek to enter Europe.”
According to Samsung Securities, LG Electronics’ electric vehicle parts are mounted on Chevrolet Volt, and the proportion of customers in the Americas, mainly GM and others, accounts for more than 80%.
In addition, LG Electronics announced that it is targeting sales of business divisions that are subject to division from 143.3 billion won in 2019 and 250 billion won in 2020, 500 billion won in 2021 and 1 trillion won in 2023 before the split.
LG Electronics predicted, “If a joint venture with Magna is established, there will be a tangible increase in orders over the next two to three years due to synergy.”