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Samsung Electronics Co. and LG Electronics Inc. are poised to make their debut at IAA Mobility 2023 in Germany, eyeing a significant stake in the rapidly expanding electric vehicle (EV) parts sector.
Scheduled to take place in Munich from September 5-8, IAA Mobility is one of the world's largest mobility trade fairs. It serves as a platform for industry experts and businesses to discuss the latest automobile trends and the future of mobility.
The Samsung Electronics' Device Solutions division, responsible for semiconductors, Samsung Display, and Samsung SDI, will attend the show. These are Samsung Group's affiliates specializing in display panel-making and battery-making, respectively.
While Samsung is a late entrant into the EV market, the company has been intensifying efforts to develop advanced car chips. Since its acquisition by Samsung for US$8 billion in 2016, Harman, Samsung's automotive and audio electronics subsidiary, has shown steady growth.
Furthermore, Samsung aims to expand its presence in the booming automobile chip market, which it perceives as one of the three major chip applications, along with servers and mobile.
Meanwhile, LG announced it will be holding its first-ever press conference titled "Taking Life's Good on the Road" on September 4 during the IAA event. The company plans to share its vision for future mobility and showcase its highly advanced mobility ecosystem to partners and customers.
LG's EV component division, specializing in in-vehicle infotainment systems, e-powertrain, and headlamps, has seen impressive annual growth of 30 percent since its establishment over a decade ago. In the second quarter, the division reported its highest revenue for that period in company history, with quarterly sales reaching 2.66 trillion won.
LG projects that the EV unit's order backlog will reach 100 trillion won by the end of this year, reflecting the surging demand for electric vehicles.
CEO Cho Joo-wan stated that LG's Vehicle Solutions division aims to become a leading player in the future mobility sector, with an annual sales target exceeding 20 trillion won by 2030. They plan to achieve this by actively adapting to new mobility trends and leveraging their expertise in business-to-consumer markets.
Photo: LG Newsroom
