LG Innotek is joining forces with Aeva, a leading U.S. corporation in advanced LiDAR technology, to seize opportunities in the LiDAR market.
LG Innotek announced on the 29th that it has signed a 'strategic partnership' focused on LiDAR supply and next-generation LiDAR co-development. Aeva is a leading LiDAR specialist that has developed the world's first FMCW (frequency-modulated continuous wave) based 4D LiDAR with enhanced long-range object sensing capabilities and has been gaining attention in the global autonomous driving market. Since 2022, it has been mass-producing 4D LiDAR and currently has major automakers such as Daimler Truck as customers.
With this strategic partnership with Aeva, LG Innotek can get its LiDAR business on track and secure the competitiveness needed to lead the emerging LiDAR market. According to industry sources, the global LiDAR market is expected to grow at a compound annual growth rate of 36%, from approximately $2.446 billion (3.4 trillion won) last year to about $15.4 billion (21.4 trillion won) by 2030.
The first product that LG Innotek will supply to Aeva is an ultra-slim and long-range FMCW fixed LiDAR module capable of detecting objects up to 500 meters away. Based on FMCW, which is regarded as the most advanced technology in the LiDAR industry, this product provides ultra-precision sensing capabilities. Unlike existing ToF-based LiDAR, it can accurately measure not only the distance but also the speed of moving objects, demonstrating stable sensing performance even in complex traffic environments.
Another feature is that it increases design freedom for automotive customers compared to existing LiDAR that is primarily mounted on vehicle roofs. It has been developed so that it can be installed behind the vehicle's front windshield, which has reduced the size of the LiDAR product by nearly half compared to previous models. The LiDAR module supplied by LG Innotek will be delivered to automakers in the form of a solution combined with the software developed by Aeva.
As part of this strategic partnership, LG Innotek and Aeva also signed a Joint Development Agreement (JDA) for next-generation LiDAR. Accordingly, the two companies plan to jointly develop FMCW LiDAR that can be applied not only to autonomous passenger cars but also to mobility and industrial applications such as robots and robot taxis by the end of 2027.
To ensure strategic and sustainable collaboration with Aeva, LG Innotek plans to invest up to $50 million (about 70 billion won) in its LiDAR business, including acquiring approximately 6% of Aeva's total equity.
Soroush Salehian, CEO of Aeva, noted, "The strategic partnership between the two companies is evidence that FMCW is emerging as a paradigm of future sensing technology," and added, "Collaboration with LG Innotek represents a significant opportunity for expanding Aeva's high-precision FMCW sensing platform across various sectors of the industry."
Moon Hyuk-soo, CEO of LG Innotek, stated, "The ultimate goal of this partnership is for LG Innotek and Aeva to grow together as key players leading the next-generation LiDAR market through a long-term technological partnership," and added, "Starting with this collaboration with Aeva, LG Innotek will continue to expand its product lineup of LiDAR that provides differentiated customer value, further solidifying its position as a total solutions provider for future mobility in the global market."
On the 31st (local time), LG Innotek will participate in 'Aeva Day' held in New York, where it plans to announce a roadmap for implementing the strategic partnership with Aeva. CEO Moon will deliver a keynote speech, and the CTOs of both companies will attend a panel discussion to explore ways to maximize synergy.