Trading gains for LG Electronics, LG Corp and LG Innotek rose on Thursday after local media reported that LG Corp had formed an advisory body to coordinate the supply of parts for the Apple Car project.
According to the report, the body was created at the request of the Cupertino, California-based smartphone maker.
The committee will coordinate the supply of Apple car parts with companies related to LG Corporation, including LG Electronics, LG Innotek, and LG Energy Solution.
The director of LG Corporation denied the information.
“That’s just not true,” he said without elaborating.
LG Electronics rose 5.12 percent to close at 90,300 won ($70.80) on Thursday, while LG Innotek rose 1.08 percent to 279,500 won. LG Corp rose 1.9 percent to 80,600 won.
LG Energy Solution fell 1.15 percent to 471,500 won after analysts predicted the electric car battery maker’s fourth-quarter earnings would fall short of market consensus.
LG Electronics’ push into the electric vehicle (EV) parts business has led to unconfirmed reports that LG Electronics may work as a supplier for Apple’s EV car project.
LG Magna e-Powertrain, a joint venture between the electronics company and Magna International, manufactures motors, inverters and chargers for electric vehicles. LG Electronics’ EV components were spun off and absorbed by a partnership with a Canadian auto parts company.
Innotek has expanded its range of automotive products to include cameras, radars, communications and power supply modules.
Apple’s car has been in the works since 2014, and news about its release date has surfaced from time to time. Project Titan, as it is known, is quite a step back, especially in terms of autonomous driving ambitions.
The trade press is now talking about a 2026 target date for availability.
PARK EUN-JEE [[email protected]]