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[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Electronics announced that the current order backlog in the electric vehicle business (VS) sector is more than 80 trillion won.
“The VS division currently has an order backlog of over 80 trillion won,” said LG Electronics through a conference call for the first quarter (January-March) performance announcement on the 27th.
LG Electronics plans to continue to grow year-on-year due to continued expansion of new orders despite concerns over slowing demand for some finished cars.
LG Electronics said, "We expect the balance of orders for electric vehicle parts to continue to increase due to the high growth of the electric vehicle market."
"We expect major OEM companies to drive demand by expanding incentives, and no significant changes have been identified in market research institute forecasts and customer production plans," LG Electronics said.
It also said, "The shortage of semiconductors is expected to be resolved from 2024 when production facilities for a number of foundry companies are scheduled to be completed, which could be a positive factor in improving productivity and cost competitiveness of carmakers."
LG Electronics said, "Our sales will not deviate much from the existing outlook as we are expected to expand annual demand due to the accelerated conversion of electric vehicles, which are expected to have an average annual growth rate of 10% from a mid- to long-term perspective."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
