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LG Elec selected as Volkswagen’s top supplier

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LG Electronics Inc. was named the top supplier by Germany’s Volkswagen Group.

According to industry sources on Thursday, LG Electronics received the Partnership Award at the Volkswagen Group Award 2024 held in Wolfsburg, Germany, last Tuesday.

LG Electronics was recognized for its efficient response system, which ensured a timely supply of parts despite the challenge of vehicle semiconductor shortages.

LG Electronics also received the Technology Innovation Award from the same company in 2017 for its excellence in automotive component technology.

It was named the Best Supplier in Infotainment and Telematics at the Supplier of the Year Awards hosted by General Motors (GM) in the United States last year.

Additionally, it was recognized as the top partner by Daimler Group, the parent company of Mercedes-Benz, in 2020, demonstrating its supply capabilities to global automakers.

LG Electronics Vehicle Component Solutions Division achieved an annual operating profit for the first time in 2022, marking a successful turnaround.

The company plans to more than double the sales of its vehicle component business by 2030, aiming to become a top-10 global automotive parts supplier with a market size of 20 trillion won ($14.5 billion).

By Eui-Myung Park

uimyung@hankyung.com

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