(Seoul=Yonhap News) Reporter Jang Hana – LG Electronics has been recognized by the world’s largest automobile manufacturer, Toyota, for its capabilities in supplying automotive parts in the North American market.
LG Electronics announced on the 22nd that it was selected as an “Excellent Supplier” by receiving recognition for its automotive parts supply capabilities in North America from Toyota, the largest vehicle manufacturer in the world.
LG Electronics stated it received the “2024 Best Value Innovation Award,” given to excellent suppliers at the “Annual Supplier Business Meeting” held by Toyota’s North American branch in Detroit, Michigan.
This is the first time LG Electronics has received this award from Toyota. Toyota’s North American branch annually evaluates partner performance based on criteria such as technological capabilities, quality, cost, supply capabilities, and value innovation to select excellent suppliers.
Despite complex crises such as global supply chain instability and supply difficulties following the COVID-19 pandemic, LG Electronics secured overall supply chain stability through company-wide manufacturing innovation and systematic operational strategies. This prowess allowed it to meet Toyota’s requirements with timely and stable high-quality automotive parts supplies, which helped to earn this recognition.
Furthermore, LG Electronics received high praise for its significant contribution to strengthening Toyota’s supply chain competitiveness in the North American market, achieved through joint cost-saving activities such as process improvement, and optimization of materials and logistics in close collaboration with Toyota.
Since starting the supply of navigation boxes in 2011, LG Electronics has maintained a continuous cooperative relationship with Toyota. Since 2019, it has expanded the supply of advanced telematics (vehicle communication modules) solutions, focusing on North America, which accounts for 30% of Toyota’s total sales.
LG Electronics’ vehicle telematics control devices feature advanced functionalities including 5G-based vehicle-to-everything (V2X) communication solutions and top-level cybersecurity.
Eun Seok-hyun, head of LG Electronics’ Vehicle Component Solutions Division (vice president), stated, “This award recognizes the performance created through LG Electronics’ innovative technological capabilities and stable supply capacity, as well as the close collaboration based on trust with our customers. We will continue to expand cooperation with global automotive customers, building on our differentiated technological capabilities in line with changes in the future mobility industry.”