April 20, 2024

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A promotional image of LG Electronics-Magna's planned autonomous driving solutions (LG Electronics)

LG Electronics said Wednesday it is boosting existing ties with Magna, one of the largest auto parts maker, to develop new solutions for autonomous vehicles.

The two companies will seek synergy between LG’s advanced in-car infotainment technology and Magna’s driver assistance systems and other self-driving car solutions.

They plan to develop a prototype for the upcoming solutions and carry out a feasibility test together.

The two companies will participate in this week's CES trade show in Las Vegas to seek new business opportunities with global carmakers.

LG has nurtured its specialty in the field of in-car infotainment, including telematics, audio, video and navigation systems. According to market tracker Strategy Analytics, LG was the No. 1 player globally as of the third quarter last year with a 23 percent market share.

The enhanced partnership comes after the two companies set up a joint venture, called LG Magna e-Powertrain, in 2021 with an aim to lead the burgeoning power train market for electric vehicles.

Following its production plants in Korea and China, LG Magna has started building a $100 million parts plant -- its third -- in Mexico.

“Through our partnership, we expected to offer differentiated user experience to both carmakers and drivers,” said Eun Seok-hyun, head of LG Electronics’ vehicle solution business division.

Kim So-yeon (sera13@heraldcorp.com)