LG Innotek set a goal of raising the share of revenue from future growth businesses to at least 25% by 2030.
On the 30th, according to LG Innotek, Moon Hyuk-su, CEO of LG Innotek, recently visited business sites and said, "The future growth businesses we are driving for the company's sustainable growth are continuing to expand at a rapid pace," and added, "Let's run together with the goal of increasing the share of future new businesses to at least 25% of the company's total sales by 2030."
Moon said, "Let's build another top-tier business by using as a springboard our highest future asset—our high-value core technologies—and the business experience we have gained by working with global top-tier customers."
Moon, who took office as chief executive officer (CEO) at the end of 2023, has focused on diversifying the business portfolio. As the growth led by the mobile camera module business at LG Innotek slowed, making the company's future growth engines concrete emerged as an urgent task.
Accordingly, LG Innotek recently signed a strategic partnership with Aeva, a U.S. company that leads lidar technology, and will supply Aeva with ultra-slim, ultra-long-range FMCW (frequency-modulated continuous wave) fixed lidar modules. Targeted for mass production in 2028, the product will be integrated with Aeva's software and installed in vehicles of global top-tier automaker customers.
LG Innotek is also nurturing its radar business to complete a sophisticated sensing solution portfolio for autonomous driving. Earlier this month, it made a strategic investment in Smart Radar System, a specialist in 4D imaging radar, securing a 4.9% equity stake. Through this, it secured core high-performance radar technologies such as in-vehicle 4D imaging radar and ultra-short-range radar (USRR).
Furthermore, LG Innotek has set a goal of growing its mobility sensing solution business to 2 trillion won by 2030 and, including this, expanding its components business for autonomous driving (AD) and advanced driver-assistance systems (ADAS) to 5 trillion won.
In its robot components business, it signed an agreement with Boston Dynamics in May to jointly develop a vision-sensing system that serves as the "eyes" of a robot.
Early this year, it entered the market for automotive application processor modules (AP modules), expanding its existing vehicle components business into the field of automotive semiconductors. Automotive AP modules are semiconductor components that integrally control automotive electronic systems such as ADAS and digital cockpits, and the number of AP modules installed in vehicles worldwide is expected to increase from 33 million this year to 113 million in 2030.
Moon said, "The fields where LG Innotek's core technologies can be applied are limitless—not only future mobility and robotics such as autonomous driving, but also AI, space, and medical," adding, "The direction LG Innotek seeks is to quickly secure the market and, together with customers, become a trusted technology partner that draws a new future."