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LG Electronics Celebrated with Toyota's 2024 Excellent Value Improvement Award

In an exciting development for the automotive industry, LG Electronics (LG) has been awarded the prestigious 2024 Excellent Value Improvement Award by Toyota Motor North America (TMNA) for the very first time. The award was presented during TMNA’s Annual Supplier Business Meeting in the United States, where LG was recognized for its significant contributions to component quality and innovative technology within the automotive giant's largest market of North America.

This accolade is a testament to LG's unwavering efforts in delivering high-quality products and services. The award selection process at TMNA is quite stringent, as it evaluates supplier performance across several key criteria, including technological development, supplier diversity, value improvement, value analysis achievement, quality, launch success, and overall value chain effectiveness. LG stood out among its peers, receiving commendations for its excellent delivery and proactive participation in cost innovation initiatives.

One of LG's remarkable strengths is its commitment to robust supply chain management, which has facilitated seamless operations for Toyota. Not merely focusing on lowering prices, LG emphasizes continuous improvement and collaborative approaches to cost optimization. This strategy has proven fruitful, particularly in the challenging landscape following the pandemic, showcasing LG's resilience and operational excellence in manufacturing improvements.

LG's relationship with Toyota dates back to 2011, when the company first supplied Navi-box components for Toyota vehicles. In 2019, this partnership further expanded to include advanced telematics solutions, highlighting LG's growing capabilities in the automotive domain. With expertise in 5G telematics technology, LG’s Vehicle Solution Company has been at the forefront of providing advanced connectivity solutions customized for the automotive sector.

The company offers versatile telematics control units (TCUs), available in both standalone and integrated antenna configurations, equipped with state-of-the-art features such as 5G connectivity, Vehicle-to-Everything (V2X) communication, and robust cybersecurity measures. These innovations empower automakers to provide seamless connectivity, efficiently addressing the increasing demands of connected and autonomous driving technologies.

Ryan Grimm, Group Vice President of TMNA RD Purchasing Supplier Development, expressed appreciation for LG by saying, "LG's commitment to collaboration and continuous improvement has been outstanding. We value their proactive approach in satisfying our evolving needs and look forward to further strengthening our partnership." Additionally, Brad Oh, the president of LG Vehicle Solution USA, stated, "This esteemed award validates our commitment to advancing automotive technology and emphasizes our dedication to collaboration and trust-building with our customers."

Looking ahead, LG embodies a vision of 'Driving Better Future Mobility' through its innovative solutions tailored for modern vehicles. The company's diverse portfolio includes intelligent solutions such as head units, connectivity systems, ADAS vision technologies, and software solutions designed for software-defined vehicles.

In the pursuit of further enhancing its capabilities, LG has made strategic moves by acquiring automotive lighting systems provider ZKW Group and cybersecurity firm Cybellum, alongside establishing a joint venture in LG Magna e-Powertrain. As they continue to push boundaries in automotive technology, LG remains dedicated to communicating its latest innovations through channels like the LG mobility newsletter and its LinkedIn presence.

With this award, LG not only solidifies its reputation as an industry leader but also underlines its commitment to forging lasting partnerships within the automotive realm, ensuring that they remain at the forefront of addressing the industry's evolving challenges.

For additional information, visit LG's mobility page or subscribe to the LG Loop newsletter for the latest updates and developments from LG Electronics.