LG Innotek says it is poised to accelerate growth in its vehicle sensing solution business by leveraging its optical technology.

Among its initiatives to boost business growth, it says it will strengthen its vehicle camera module business capability via equity investment, product enhancement, in addition to factory expansion.

The company is focusing on high-performance LiDAR (light detection and ranging) for vehicles, as well as high value-added vehicle camera modules.

Vehicle camera modules will be needed to fill the role of the driver's eyes, requiring more precise and advanced sensing functions, the company says.

Last year, the firm purchased approximately 99,173 square meters of land near its manufacturing subsidiary in San Juan de Rio, Mexico, with the intention of expanding its factory.

The newly expanded factory is scheduled to commence mass production of vehicle camera modules in H2 2025.

An LG Innotek spokesperson said: "The decision to locate the vehicle camera module production hub in Mexico was driven by our strategy to enhance our ability to serve customers in the North American region, where major car makers are concentrated, by making good use of the geographical proximity."

Its CEO Moon Hyuksoo said that the vehicle sensing solution business will be fostered into a business with annual sales of US$1.4 billion by 2030.

Speaking at a press conference, Mr Hyuksoo said: “We will identify a new business opportunity where we can leverage our company's distinctive 'No. 1 know-how' in the mobile camera module industry to establish a robust business portfolio."