LG Electronics sees vehicle component business as new growth engine; expands workforce

Vehicle component business unit recorded 51% y/y increase in sales in 2016

LG Electronics is focusing on expanding its vehicle component business to boost revenue amid weakening smartphone sales. According to The Korea Herald, the company hired more than 3,000 workers in its vehicle component business unit last year, representing an increase of 90% year-over-year (y/y). In contrast, the number of employees in LG’s mobile communication unit dropped 9% y/y. “We will continue to foster the vehicle component business as the company’s new growth engine and to join the development of next-generation vehicles like Google’s self-driving cars,” The Korea Herald quoted a LG spokesperson saying. Google unveiled a prototype self-driving car, unveiled in 2014, featuring components from suppliers including Bosch and LG Electronics.