LG Innotek Aims for 2030 Robotics, Autonomous Driving Growth
LG Innotek, a South Korean tech behemoth, is making calculated moves to fortify its stance in the burgeoning robotics and autonomous driving sectors. The company is exploring partnerships with global leaders like Boston Dynamics and Fanuc, while also investing in avant-garde technologies.
LG Innotek is expanding its reach by transferring its LiDAR business to the optical solution division, aiming to foster synergies prior to commercialization. The company is also investing heavily in radar technologies to cultivate a comprehensive sensing solution portfolio for autonomous driving.
The company's CEO, Moon Hyuk-soo, has set ambitious targets. By 2030, LG Innotek aspires to grow its mobility sensing solutions business to 2 trillion won ($1.43 billion) and boost future businesses like mobility and robotics to over 25% of its total revenue.
LG Innotek's recent acquisitions and partnerships reflect its dedication to these goals. It acquired a 4.9% equity stake in Smart Radar System to access advanced radar technologies for autonomous vehicles. The company also entered the application processor module market and is scaling operations in the flip-chip ball grid array substrate segment.
LG Innotek has signed strategic partnerships with key players in the industry. It partnered with Aeva for LiDAR technology, becoming a core supplier for global automakers. Additionally, LG Innotek signed a joint development agreement with Boston Dynamics to co-develop vision sensing systems for robots.
LG Innotek's strategic investments and partnerships position the company as a key player in the robotics and autonomous driving sectors. With its core competencies in artificial intelligence, aerospace, and medical devices, LG Innotek is well-equipped to capitalize on the growing demand for these technologies. The company's ambitious goals and aggressive expansion plans indicate a strong commitment to driving innovation in these emerging industries.
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