Samsung and LG step up their efforts to enter the rapidly expanding EV industry

IAA Mobility event, which served as a premier exhibition and gathering place for the world’s automobile industry throughout most of its history. And the 2023 event will be hosted in Germany just like every year, and Samsung Electronics Co. and LG Electronics Inc. will be invited for the first time. The event will be held in Munich from September 5 to 8, and the objective of the firms behind the participation is to increase their market value in the rapidly developing electric vehicle (EV) parts sector.

With sales of 2.67 billion dollars and an operating profit of 250 billion won for the second quarter of 2023, Harman, a power and audio division of Samsung Electronics, reported sales of around 3.5 trillion won. With yearly sales of 13.21 trillion won and an operating profit of 880 billion won, Harman provided its best result in 2017, and it is predicted to be the result of the company’s decision to expand its in-vehicle infotainment (IVI) technology to high-end automobiles. Samsung Display, Samsung SDI, and the Device Solutions division of Samsung Electronics will all be participating in the event.

A press conference with LG will take place on September 4 titled “Taking Life’s Good on the Road” as part of the IAA event. A highly developed mobility ecosystem will be showcased to partners and consumers to convey their future mobility vision. Samsung wants to establish itself as a significant participant in the automotive chip industry. According to research company IHS Markit, the market for automotive semiconductors will increase at a rate of 11% annually, and by 2029, it is expected to reach $143.

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The new facility in Mexico that LG Magna e-powertrain will soon open will feature General Motors’ inverters, motors, and chargers. According to Kim Dong-won, an analyst at KB Securities, LG’s EV business will cover 12.3% of operational profit in 2023, which is 4.6% more than 2022.

Cho-Joo Wan stated, Cars have evolved from a transportation means to a space that serves various purposes and provides new experiences. The Vehicle Solutions division aims to become one of the world’s top players in the future mobility sector and to achieve annual sales of more than 20 trillion won by 2030 by actively responding to new mobility trends and using our insights into business-to-consumer markets.”

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