LG Electronics receives top supplier award from Toyota
The company recently received the 2024 Excellent Value Improvement Award from Toyota Motor North America.
The award acknowledges LG's contribution to enhancing the competitiveness of Toyota's North American supply chain by improving production efficiency and actively reducing costs through streamlined logistics and procurement. These achievements were made possible through close collaboration with Toyota, even amid ongoing global supply chain challenges since the COVID-19 pandemic, LG said.
This marks the first time LG has been recognized with the award in its decadelong partnership with Toyota. The honor was presented during Toyota's annual business meeting with its suppliers in Detroit.
"This recognition reflects LG Electronics' advanced technologies, stable supply capabilities and seamless cooperation with our customers based on mutual trust," said Eun Seok-hyun, president of LG Vehicle Solution Co..
LG began supplying navigation components for Toyota vehicles in 2011 and has since expanded its collaboration in the North American market, now providing 5G-based telecommunication modules that enable vehicles to exchange data with various objects along their routes.
While LG has long collaborated with global automakers such as Hyundai Motor on the development of car parts, it has increasingly positioned the electronic parts business as a future growth driver. In 2023, LG Vehicle Solution Co. surpassed 10 trillion won ($7 billion) in annual sales for the first time.
"In step with the transformation of the mobility industry, we will continue to strengthen our differentiated technological edge and deepen our collaboration with global automakers," Eun added.
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