LG Innotek to spur growth in automotive lighting
LG Innotek on Monday renewed its commitment to nurturing the automotive lighting business as its key growth driver.
This year marks the 10th anniversary of the commercialization of Nexlide, the parts maker’s flexible three-dimensional lighting brand for vehicles. The module-based lighting products boast brighter, clearer and more uniform light emission.
Starting with the Nexlide-A in 2014, the Nexlide-M began mass production in the first quarter of this year. A total of nine types of Nexlide products have been released on the market so far and have been installed in 88 models of nine global car brands.
Nexlide has shown an average annual sales growth of 47 percent over the last decade. Last year, LG Innotek posted 1.5 trillion won ($1.10 billion) in vehicle component sales, of which the vehicle lighting business took up almost 15 percent.
“Over the past 10 years, we’ve proven our unrivaled vehicle lighting module business capabilities to the global market through Nexlide,” Yoo Byaeng-kuk, senior vice president of automotive components business unit, said.
“We will continue to develop vehicle lighting modules into a business that can generate at least 1 trillion won worth of sales by introducing products that provide differentiated customer value.”
LG Innotek aims to complete its pixel lighting technology by next year. By using small three-dimensional lights, the technology allows more flexibility for automotive lighting designers. The company also plans to develop new lighting products that help enhance the energy efficiency of low- to mid-priced electric vehicles.