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[THE INVESTOR] LG Electronics plans to start producing automotive parts for General Motor’s fully electric Chevrolet Bolt at its research center in Incheon, some 40 kilometers west of Seoul, from later this month.
The Korean tech giant confirmed on Aug. 17 that it has recently installed a large-scale production line at the Incheon campus that has mostly been used for research activities.
The Korean tech giant confirmed on Aug. 17 that it has recently installed a large-scale production line at the Incheon campus that has mostly been used for research activities.
“The production line aims to seek synergies among research and production organizations,” a high-ranking LG official was quoted as saying. “This year, LG Electronics is expected to invest a combined 400 billion won (US$360 million) into auto parts production and R&D.”
LG will supply 11 key parts, including motors and inverters, for the upcoming Bolt electric vehicle from later this month. The new supply deal comes after the two firms have partnered on batteries and infotainment systems.
In the first half of this year, the company posted 1.23 trillion won sales on automotive parts business, compared to 1.83 trillion won sales in all of 2015.
By Lee Ji-yoon (jylee@heraldcorp.com)
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