[Concall] LG Electronics "Automotive Components Business Expected to Outperform Complete Vehicle Market Growth Rate"

[Asia Economy Reporter Kim Pyeonghwa] LG Electronics stated during a conference call held after announcing its fourth-quarter results on the 27th, "This year, our automotive components business is expected to outperform the overall vehicle growth rate due to increased demand for parts driven by the expansion of the electric vehicle market and the supply of connected cars."

Earlier, LG Electronics explained, "The vehicle market experienced a decline in demand due to COVID-19 but is recovering; however, the prolonged Russia-Ukraine conflict has caused performance to fall short of initial expectations," adding, "Market research firms forecast that vehicle production in 2023 will grow by 3.5% compared to the same period last year."

The LG Twin Towers in Yeouido, Seoul, where LG Electronics' headquarters is located, on the 2nd, as LG Electronics' exit from the smartphone business is imminent. Photo by Mun Honam munonam@