LG Electronics officials celebrate the launch of its affiliate in Vietnam for the automotive part business in a celebratory event held in Hanoi, Thursday. Photo courtesy of LG Electronics

More companies tap into auto industry

South Korean home appliance maker LG Electronics announced on March 9 that it had launched its Vietnamese affiliate to strengthen its automotive parts business.

LG noted that the new subsidiary in Hanoi would be tasked with working on in-vehicle infotainment systems geared toward providing driving-related information and entertainment functions.

Toward that end, the company plans to increase the number of its employees in the new entity to 1,000 by 2024.

“We will continue to provide mobility solutions that deliver differentiated value to our global auto industry customers,” LG Senior Vice President Lee Sang-yong said in a statement.

“By boosting our infrastructure to the next level, LG will continue to further enhance our capabilities and develop next-generation, innovative mobility solutions.”

This is not the first time for LG to expand its business horizon in the automotive industry.

Early last year, the company disclosed its self-driving car, dubbed the Omnipod, during a mobility fair in Seoul. It was equipped with consumer appliances for in-car use.

“As the mobility business will get too big, electronics companies cannot afford to lose the opportunities to tap into the potential-rich industry,” business tracker Leaders Index CEO Park Ju-gun said.

“On top of LG, global high-tech corporations like Sony, Intel, Apple, Amazon, and Samsung Electronics all try to develop related technologies and develop their own business chances in the sector.”

Earlier this year, Sony unveiled its first electric vehicle made in cooperation with Honda. Back then, the firm disclosed its intention to make the car an entertainment platform on the move.

In 2017, U.S. chipmaker Intel acquired Mobileye, a global powerhouse in autonomous driving technologies.

In the same year, Samsung also took over Harman, a U.S. audio electronics company Harman with advanced technologies in the connected car industry.

Hillary Lee studied literature in Seoul. Lee has big interests on various topics including IT, BT, business and finance. Lee can be reached at homin30@hanmail.net or 82-2-6956-6698.