LG's top execs visit Honda HQ to showcase EV tech
Led by LG Corp. Vice Chairman Kwon Bong-seok, a high-level LG delegation flew to Tokyo on Sunday to meet with Honda's top executives, according to industry sources on Monday.
The delegation includes CEOs from LG's major subsidiaries such as Cho Joo-wan of LG Electronics, Kim Dong-myung of LG Energy Solution, Jeong Cheol-dong of LG Display and Moon Hyuk-soo of LG Innotek.
Tech Day at Honda headquarters is likely to feature a range of LG's cutting-edge technologies tailored for future vehicles, including infotainment systems, automotive cameras, communication modules, EV batteries and in-vehicle displays.
As the global auto industry shifts from internal combustion engines to electric and software-defined vehicles, LG has been doubling down on its efforts to supply key components. The group has already secured partnerships with top-tier global carmakers including Mercedes-Benz, Hyundai Motor, Toyota and General Motors.
LG is placing strategic emphasis on its EV component business, with Chairman Koo Kwang-mo overseeing its development as a key driver of future growth.
The conglomerate has established a "one team for EV parts" system, fostering close collaboration among affiliates such as LG Electronics, LG Innotek, LG Energy Solution, LG Display, LG Magna and ZKW Group.
The integrated approach enables the group to combine each company's technologies and products into comprehensive solutions, which are increasingly being supplied to global automakers in the form of bundled offerings.
This week's visit to Honda marks the latest in LG's series of targeted engagements with global original equipment manufacturers.
In March 2024, LG held its first Tech Day at Mercedes-Benz's headquarters in Germany. It followed up with similar events at Hyundai Motor's Namyang R&D Center in Hwaseong, Gyeonggi Province, in April and Toyota's headquarters in Japan in September.
"Typically, face-to-face sales through local visits foster deeper relationships and significantly increase the likelihood of meaningful business outcomes,' said an industry source who requested anonymity.
"LG Group is being highly regarded for its exceptional display quality and advanced electronics technology, as well as for its strong understanding of EV structures, including battery systems,' the source added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
5 hours ago
- Korea Herald
LG's top execs visit Honda HQ to showcase EV tech
LG Group is hosting a private "Tech Day" event at the headquarters of Japan's Honda Motor Co. this week, underscoring its push into the future mobility sector to strengthen its foothold in the burgeoning electric vehicle components market. Led by LG Corp. Vice Chairman Kwon Bong-seok, a high-level LG delegation flew to Tokyo on Sunday to meet with Honda's top executives, according to industry sources on Monday. The delegation includes CEOs from LG's major subsidiaries such as Cho Joo-wan of LG Electronics, Kim Dong-myung of LG Energy Solution, Jeong Cheol-dong of LG Display and Moon Hyuk-soo of LG Innotek. Tech Day at Honda headquarters is likely to feature a range of LG's cutting-edge technologies tailored for future vehicles, including infotainment systems, automotive cameras, communication modules, EV batteries and in-vehicle displays. As the global auto industry shifts from internal combustion engines to electric and software-defined vehicles, LG has been doubling down on its efforts to supply key components. The group has already secured partnerships with top-tier global carmakers including Mercedes-Benz, Hyundai Motor, Toyota and General Motors. LG is placing strategic emphasis on its EV component business, with Chairman Koo Kwang-mo overseeing its development as a key driver of future growth. The conglomerate has established a "one team for EV parts" system, fostering close collaboration among affiliates such as LG Electronics, LG Innotek, LG Energy Solution, LG Display, LG Magna and ZKW Group. The integrated approach enables the group to combine each company's technologies and products into comprehensive solutions, which are increasingly being supplied to global automakers in the form of bundled offerings. This week's visit to Honda marks the latest in LG's series of targeted engagements with global original equipment manufacturers. In March 2024, LG held its first Tech Day at Mercedes-Benz's headquarters in Germany. It followed up with similar events at Hyundai Motor's Namyang R&D Center in Hwaseong, Gyeonggi Province, in April and Toyota's headquarters in Japan in September. "Typically, face-to-face sales through local visits foster deeper relationships and significantly increase the likelihood of meaningful business outcomes,' said an industry source who requested anonymity. "LG Group is being highly regarded for its exceptional display quality and advanced electronics technology, as well as for its strong understanding of EV structures, including battery systems,' the source added.
Korea Herald
6 hours ago
- Korea Herald
LG Electronics Q2 profit nearly halved as US tariffs bite
LG Electronics' preliminary operating profit plunged nearly 50 percent in the second quarter from a year earlier, coming in below market forecasts as the South Korean tech giant grappled with US tariffs and weakening demand. In its earnings guidance Monday, the company said it expects to post an operating profit of 639.1 billion won ($467 million) for the April-June period, marking a 46 percent drop from the same period last year. Revenue slipped 4 percent on-year to 20.74 trillion won. The results also undershot the already lowered consensus forecast of 847 billion won in operating profit and 21.47 trillion won in revenue, according to estimates compiled by market intelligence firm FnGuide. 'Amid delayed recovery in consumer sentiment in key markets, adverse business environment continued due to tariff-related burdens from the shift in US trade policy in the second quarter and intensified market competition,' LG said in a statement. LG explained that its flagship home appliance unit, along with its business-to-business segments — including vehicle components and heating, ventilation and air conditioning, or HVAC — managed to be profitable. But its media and entertainment unit, which includes TVs and the webOS platform, weighed down overall earnings due to rising liquid crystal display panel prices and increased marketing expenses from intensified competition. The company added that US tariffs as well as steel and aluminum-related duties and logistics expenses affected profitability. In April, US President Donald Trump imposed a 10 percent tariff on all imports effective immediately, separately from his country-specific "reciprocal" tariffs that were delayed by 90 days until July 9. While LG manufactures washing machines and dryers at its US plant, the bulk of the company's key appliances sold in the American market are still produced overseas, including in South Korea, Mexico and Vietnam, which are all subject to duties. LG's heavy dependence on the US market, which accounts for roughly 30 percent of its home appliance sales, leaves the company particularly vulnerable to such tariffs, according to industry analysts. The financial hit was further exacerbated in late June, when the US expanded 50 percent steel tariffs to cover washing machines, refrigerators and other household appliances containing steel components. During the first-quarter earnings call in April, LG said it was considering price hikes for certain products and shifting production of some home appliances to the US in response to the new tariffs. Looking ahead, LG said it plans to focus on its B2B segment in the second half, particularly in HVAC systems and automotive components. The company has been putting all-out efforts into expansion of its HVAC operations, recently signing an acquisition deal with Norwegian hot water solutions provider OSO Hotwater as part of its push into the fast-growing HVAC market.
Korea Herald
15 hours ago
- Korea Herald
[Editorial] Power without restraint
A contentious budget vote lays bare deep gulf between power politics, democratic principles Late Friday night, as the nation's attention was focused elsewhere, South Korea's ruling Democratic Party of Korea passed a supplementary budget worth 31.8 trillion won ($23.3 billion). The party acted alone. No opposition lawmakers took part. There was no compromise, no negotiation. This was no routine fiscal exercise. It was the first major budget under President Lee Jae Myung's administration, pushed through just a month after his inauguration. Yet the process followed a now familiar pattern of majoritarian dominance. Backed by its commanding parliamentary majority, the ruling party advanced its agenda without regard for political dialogue or consensus. At the heart of the dispute was an unlikely but revealing issue: 'special activity funds,' allocated to the presidential office and other powerful agencies. Only months ago, the Democratic Party had denounced these funds as slush money and led efforts to eliminate them under the previous administration. Now, with the same party in power, those funds have not only been restored, but expanded — a move that drew immediate accusations of hypocrisy from the conservative People Power Party, which responded by walking out of the vote. This clash over opaque budget items points to a deeper malaise in South Korean politics. Too often, principles voiced in opposition are abandoned once power is secured. The Democratic Party offered no credible explanation for its reversal, nor did it attempt to persuade the opposition to participate in the legislative process. Instead, it proceeded unilaterally — as it did days earlier when confirming Kim Min-seok as prime minister, another vote conducted without opposition lawmakers present. The irony is hard to miss. Lee and his allies have repeatedly called for 'political normalization' to restore stability after years of partisan strife. Yet their approach — marked by unilateral actions and selective memory — could deepen, rather than heal, political divides. The ruling party's justification is straightforward: The economy is in crisis, and swift action is needed. But urgency cannot justify the erosion of democratic procedure and institutional trust. Serious questions also surround the economic merits of the budget. Expanded consumer subsidies may deliver a short-term lift to domestic demand, but economists warn of inflation risks and mounting public debt, which now exceeds 1,300 trillion won. The inclusion of politically contentious items, such as increased special funds, further undermines the credibility of the government's fiscal priorities. Still, the ruling party does not bear sole responsibility for the breakdown. The People Power Party's decision to boycott the process reflects its own reluctance to engage constructively. Rather than confronting the government with reasoned arguments and detailed alternatives, it chose to abstain — a tactic that neither reins in the majority nor earns broader public support. Its tendency to obstruct rather than persuade has become habitual. Nor can the presidential office afford to remain aloof. While the president has urged swift implementation of the budget, general appeals for cooperation ring hollow without tangible efforts to rebuild trust across party lines. Leadership requires more than administrative efficiency; it demands political judgment and the discipline to prioritize long-term democratic stability over short-term political advantage. If both sides persist in this cycle of boycotts and unilateralism, the consequences will reach beyond the National Assembly. South Korea faces severe economic headwinds, geopolitical uncertainty and fragile public confidence. What the country needs is governance that prizes stability over confrontation. Ultimately, the true measure of political strength lies not in the ability to prevail in votes but in the willingness to exercise restraint. Power, used responsibly, can fortify democratic institutions and restore public trust. Without such restraint, the current standoff in Seoul may shift from a story of economic recovery to a cautionary tale of deepening dysfunction.
