- LG Electronics (LGEJY, Financial) awarded Toyota Motor North America's 2024 Excellent Value Improvement Award.
- First-time recognition highlights LG's excellence in component quality, technological innovation, and cost optimization.
- LG has been a partner of Toyota since 2011, expanding into advanced telematics solutions in 2019.
LG Electronics (LGEJY), a leading player in the mobility sector, has been recognized with the 2024 Excellent Value Improvement Award by Toyota Motor North America (TMNA) at the Annual Supplier Business Meeting. This prestigious accolade acknowledges LG's exceptional contributions to component quality, technological innovation, and cost optimization in North America, marking a significant milestone in their long-standing partnership with Toyota.
Since 2011, LG has been a crucial supplier for Toyota, providing Navi-box components and, since 2019, offering advanced telematics solutions. The LG Vehicle Solution Company excels in delivering cutting-edge telematics control units (TCUs) that feature 5G connectivity, Vehicle-to-Everything (V2X) communication, and enhanced cybersecurity measures. These innovations support the thriving demands of connected and autonomous driving, helping automakers like Toyota achieve seamless connectivity and operational efficiency.
The award evaluation by TMNA took into consideration various key criteria, including technology development, supplier diversity, value improvement, and quality. LG stood out for its outstanding delivery performance and manufacturing improvements, particularly in the challenging post-pandemic environment. The recognition underscores LG's commitment to collaboration and continuous improvement, reinforcing its leadership position in automotive telematics.
Brad Oh, president of LG Vehicle Solution USA, emphasized the value of this award in validating the company's efforts in advancing automotive technology. He stated, "Our advanced telematics solutions prioritize vehicle connectivity and safety, helping Toyota realize its vision for the future of mobility through cutting-edge technologies and continued partnership."
In addition to ongoing innovation, LG has expanded its automotive capabilities through strategic acquisitions and partnerships, including the acquisition of automotive lighting systems provider ZKW Group and vehicle cybersecurity company Cybellum. The establishment of the LG Magna e-Powertrain joint venture further strengthens LG's portfolio in the automotive industry. For more information, visit LG's global mobility page.
