LG Electronics recently announced on the 22nd that it received the '2024 Best Value Innovation Award', awarded to outstanding suppliers, at the 'Annual Supplier Business Meeting' of Toyota Motor North America (TMNA) held in Detroit, Michigan.
LG전자는 최근 미국 미시간주 디트로이트에서 열린 도요타 북미법인(TMNA)의 ‘연례 공급사 비즈니스 미팅’에서 우수 공급사에게 주어지는 ‘2024 최고가치혁신상’을 수상했다고 22일 밝혔다.
This is the first time LG Electronics has received this award from Toyota. The North American division of Toyota selects outstanding suppliers each year by evaluating the performance of its partners based on various criteria, including technology, quality, cost, supply capability, and value innovation.
LG Electronics explained that despite the complex crisis situations such as global supply chain instability and supply disruptions following the COVID-19 pandemic, it has secured stability across the supply chain through company-wide manufacturing innovation and operational strategies.
The company noted that it received high recognition for its substantial contributions to strengthening Toyota's supply chain competitiveness in North America by jointly promoting proactive cost reduction activities such as process improvements and optimization of materials and logistics through close collaboration with Toyota.
LG Electronics has maintained a continuous partnership with Toyota since it began supplying navigation boxes in 2011. Since 2019, it has expanded the supply of advanced telematics solutions, which account for 30% of Toyota's total sales, focusing on the North American market.
In particular, LG Electronics' vehicle telematics control unit features advanced functions, including V2X (vehicle-to-everything) solutions that allow vehicles to exchange information with various objects on the road based on 5G communication, as well as cybersecurity.
According to estimates based on data released by market research firm Strategy Analytics, LG Electronics captured the global No. 1 position in the telematics market with a 24.4% share last year. The global telematics market is expected to continue growing with increasing demand for connected cars and advancements in autonomous driving technology. Accordingly, LG Electronics plans to continue its collaboration with global automakers.
Eun Seok-hyun, head of the VS business division at LG Electronics, said, "This award is a result of LG Electronics' innovative capabilities, stable supply capabilities, and close collaboration based on trust with customers," and added, "We will further expand our collaboration with global automakers based on differentiated technologies in line with changes in the future mobility industry."