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August 25, 2015

SOUTH KOREA: LG supplying LCD displays to Honda and Porsche – report

South Korea's LG Electronics will supply Honda Motor and Porsche with in-car displays as the supplier tries to grow its auto business to counter weak sales at its mainstay television and smartphone units, a media report said.

South Korea’s LG Electronics will supply Honda Motor and Porsche with in-car displays as the supplier tries to grow its auto business to counter weak sales at its mainstay television and smartphone units, a media report said.

Citing an unnamed source, Reuters reported LG Electronics had already started mass production of the central information displays for Honda and would start doing the same for Porsche in the first half of 2016.

Sister firm LG Display is supplying the liquid crystal display panels, the source said.

LG Electronics declined to comment to the news agency.

The company’s fledgling auto business, which involves various products including displays and camera systems, accounted for 3.2% of overall sales in the April-June quarter, Reuters said.

LG Electronics, along with sister firms LG Display and electric car battery maker LG Chem , are making a concerted effort to grow their market share in the auto industry, as the vehicle components business offers longer term, higher margins than consumer electronics, a business in which the firm is facing stiff competition, the report said.

LG Electronics is also working with BMW, General Motors and Mercedes Benz for research and development of centre information displays, the Reuters source said.

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