LG HONORED WITH TOYOTA'S "EXCELLENT VALUE IMPROVEMENT AWARD" FOR THE FIRST TIME
Rhea-AI Summary
LG Electronics (LGEJY) has received Toyota Motor North America's 2024 Excellent Value Improvement Award for the first time at TMNA's Annual Supplier Business Meeting. The recognition highlights LG's exceptional performance in component quality, technological innovation, and cost optimization initiatives in North America.
The company has been Toyota's partner since 2011, initially supplying Navi-box components and expanding to advanced telematics solutions in 2019. LG's Vehicle Solution Company provides cutting-edge telematics control units (TCUs) featuring 5G connectivity, Vehicle-to-Everything (V2X) communication, and enhanced cybersecurity measures.
The award evaluation considered multiple criteria, including technology development, supplier diversity, value improvement, quality, and value chain promotion. LG demonstrated outstanding delivery performance and manufacturing improvement, particularly in the post-pandemic environment.
Positive
- First-time recognition from Toyota, world's largest car manufacturer, strengthening supplier relationship
- Successful expansion of automotive component supply relationship since 2011
- Strategic acquisitions and joint ventures enhancing automotive technology portfolio
Negative
- None.
Company's Outstanding Efforts in Delivery and Collaborative Cost Reduction Recognized by the World's Largest Car Manufacturer
To determine the award winners, TMNA evaluates supplier performance based on key criteria such as technology and development, supplier diversity, value improvement, Value Analysis achievement, quality, launch and value chain promotion. LG was highly commended for its outstanding delivery and proactive support of cost innovation initiatives. The company's commitment to on-time, high-quality supply chain management has ensured seamless operations for Toyota, while its collaborative approach to cost optimization prioritizes continuous improvement over simple price reductions. LG also excelled in Manufacturing Improvement, demonstrating resilience and operational excellence in the challenging post-pandemic landscape.
LG has been a trusted partner of Toyota since supplying Navi-box components for its vehicles in 2011. This partnership expanded in 2019 to include advanced telematics solutions for TMNA. The LG Vehicle Solution Company leverages its expertise in 5G telematics technology to deliver advanced connectivity solutions tailored for the automotive industry. The company provides versatile telematics control units (TCUs) available in both standalone and integrated-antenna configurations. These TCUs feature cutting-edge capabilities, including 5G connectivity, Vehicle-to-Everything (V2X) communication, and robust cybersecurity measures. Such innovations enable automakers to offer seamless connectivity, efficiently supporting the growing demands of connected and autonomous driving. Through close collaboration with global automakers, LG continues to drive innovation and reinforce its leadership position in automotive telematics.
"LG's commitment to collaboration and continuous improvement has been outstanding," said Ryan Grimm, Group Vice President of TMNA R&D Purchasing Supplier Development. "We appreciate LG's proactive approach to meeting our evolving needs and look forward to building on this strong foundation as we move forward together."
"This highly esteemed award validates our efforts in advancing automotive technology and underscores our commitment to collaboration and building customer trust," said Brad Oh, president of LG Vehicle Solution
About LG Electronics Vehicle Solution Company
The LG Vehicle Solution Company (VS) is bringing LG's unique human-centered innovations to the automotive industry. As a trusted and innovative partner, the company provides intelligent solutions including head units, displays, connectivity, ADAS vision systems, and software solutions for software-defined vehicles. Committed to "Driving Better Future Mobility," the company has diversified its portfolio to further strengthen its capabilities. This includes the acquisition of automotive lighting systems provider ZKW Group and vehicle cybersecurity company Cybellum, as well as the establishment of the LG Magna e-Powertrain joint venture. For more information, visit www.LG.com/global/mobility. To stay updated with the latest news, subscribe to the LG mobility newsletter, LG Loop at www.LG.com/global/mobility/newsletter and follow the LG VS Company LinkedIn channel at www.linkedin.com/company/lgvehiclesolution.
FAQ
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