MUNICH, Germany ― LG Group executives including LG Electronics' chief Koo Bon-joon are planning to meet BMW officials on the carmaker’s home turf in Munich, sources said.

Flanked by the heads of LG’s European offices, this group of top LG officials will reportedly sit down for a face-to-face with executives from BMW headquarters on Thursday in a bid to supply LG’s automobile-related parts to the premium German carmaker.

The situation recalls when Samsung Group’s heir apparent Lee Jay-yong previously met with BMW executives, which eventually led to Samsung SDI supplying batteries for BMW’s electric car, the i series.

The LG people from Seoul are expected to meet with their European colleagues from the five LG affiliates heavily involved in car making ― LG Electronics, LG Innotek, LG Hausys, LG Display and LG Chem ― a day before “LG Supplier Tech Day” kicks off when LG will be officially meeting with BMW on future partnerships.

BMW Korea’s chief executive Kim Hyo-joon, who left for Munich this week, also may join the talks, sources said.

“The auto industry is one that’s extremely difficult to enter due to the entry barriers, but it’s also one that will prove to be both stable and lucrative, since carmakers seldom change suppliers,” said one LG official.

LG Electronics recently added a brand new affiliate for manufacturing car components, and has been aspiring to enter the global automobile markets. The company is well aware that the domestic industry is already dominated by Hyundai-Kia, and has consequently been seeking worldwide partners.

LG Innotek manufactures motors, headlights and censors. The company hopes to beat Osram, the dominant LED lighting provider, to get a lead with BMW.

LG Chem, meanwhile, despite being the No. 1 global player in electric car batteries, aims to win over BMW to get a deal with one of German’s most premium brands.

BMW also seems to be viewing LG’s efforts in a positive light, according to industry sources.

BMW, which currently relies mostly on German car part manufacturers, may be seeking to increase its dependence on Asian suppliers, including those in Korea.

“The dependency has grown. It’s generally our policy that we use more global suppliers,” said Markus Bauer, vice president of BMW’s mid- and large-size segment. “The question is, do we have a supplier in Asia? And of course, yes we do, in Korea.”

Hyundai Mobis and Samsung SDI are some of the homegrown companies providing for BMW.

Officials at BMW headquarters said they were not permitted to comment on internal meetings with suppliers.

By Kim Ji-hyun, Korea Herald correspondent 
(jemmie@heraldcorp.com)