LG Electronics, a leading provider of business solutions, today announced that it has reached an agreement with the Volkswagen Group of Wolfsburg, Germany to become one of the leading suppliers of car audio systems for three of Volkswagen’s automobile brands starting in 2012. The deal with Volkswagen, currently the third largest automobile manufacturer in the world and the largest in Europe, is worth approximately US$370 million.
LG will be one of the largest suppliers of audio systems for three different automobile brands under the Volkswagen Group -- Volkswagen in Germany, SEAT in Spain and Škoda in the Czech Republic. This significant deal is a result of an ongoing collaboration between the two companies since a 2007 partnership in car audio systems. LG Electronics is now a major global provider of car infotainment solutions as a result of these deals.
LG’s car audio systems display information from various electronic control units inside the vehicle and provide diagnostics reporting on the condition of components including speakers, antenna and other peripheral devices. It also helps users easily connect to external media via Bluetooth, USB and SD. In addition, the Color Thin Film Transistor Liquid Crystal Display (TFT LCD) provides clear images and the dual-tuner system boosts radio reception.
“LG Electronics has successfully demonstrated its superior in-car technology over the years and we are excited about the opportunity to work with Volkswagen again,” said B. B. Hwang, executive vice president and CEO of Business Solutions Company. “LG is currently developing a diverse product line-up for car infotainment which we will be unveiling in the near future.”
From his part, the Managing Director of LG Electronics Levant, Mr. Kevin Cha expressed his confidence that this cooperation between LG and Volkswagen will create a technical revolution in car audio systems industry, and he said: "this agreement is a technical breakthrough that has nothing like it this field; it proves LG's pioneering position in audio systems and techniques of cars. We can safely say that the expected results of this agreement, without any doubt, will open the way for more similar achievements in the future".
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