New Delhi [India], November 5 (ANI): LG Electronics India has announced its entry into the automotive and mobility sectors with a new Vehicle Solutions Business, according to an exchange filing.
As per the filing, the company is planning to enter business-to-business (B2B) automotive segment with the launch of Vehicle Solutions, offering in-vehicle infotainment (IVI) and telematics solutions.
"LGE India also announced its entry into a new B2B segment – Vehicle Solutions, In-Vehicle Infotainment (IVI). This initiative will bring LG Korea's key global B2B automotive business, including automotive infotainment and telematics solutions, to India," the company said.
The new business will involve the manufacturing, assembly, import, export, distribution and sale of automotive and mobility technologies, including products, components, systems and software, along with installation, integration, servicing and maintenance.
As per the exchange filing, these products will be manufactured and supplied from LGE India’s 3rd plant at Sri City, Andhra Pradesh.
"The investments shall be undertaken in a phased manner, based on the scale of operations, technology and equipment requirements, regulatory requirements and prevailing market conditions," it noted further.
With this expansion, the company will have "Access to emerging opportunities arising from increasing demand for connected vehicles, digital cockpits, advanced infotainment systems and intelligent mobility solutions," it said.
Apart from this, the company reported its Q2FY27 results on Thursday, registering a 25.7 per cent YoY growth in its profit after tax.
The company reported a 19.5 per cent year-on-year (YoY) increase in revenue from operations to Rs 73.80 crore in Q2 FY27, up from Rs 61.74 crore in Q2FY26, while EBITDA rose 28 per cent YoY to Rs 701 crore, with margins expanding by 63 basis points to 9.5 per cent despite commodity and currency headwinds.
Profit after tax stood at Rs 489 crore during the quarter.
At the time of reporting, shares of LG Electronics were trading at around Rs 1814.65 per share, up 121.80 points or 7.19 per cent against the previous close of Rs 1,692.85 per share. (ANI)
LG Electronics India enters automotive solutions business; to manufacture infotainment systems in Andhra Pradesh
