By Kim Yoo-chul
LG Innotek, an affiliate of LG Group, said Thursday that it is enjoying surging global demand for its car components, such as anti-lock brake and electric power steering systems.
Amid the convergence of the technology and automotive industries, the firm is allocating more funds for manufacturing facilities for car components.
In a press release, the firm said it sold over 30 million car components last year.
“We sold 7 million anti-lock brake systems (ABS) and 3 million electric power steering solutions in the global markets,” said Kim Hee-jeon, a company spokesman.
Last year, 87 million cars were manufactured globally. The portion of cars that adopted LG’s ABS was around 8 percent.
Innotek’s shares rose 1.47 percent to end at 103,500 won Thursday.
Kim said the firm’s car component business is seeing increasing global demand.
LG Group is focusing on car-related businesses ― Chairman Koo Bon-moo has expressed his intention to grow LG Chem, LG Display and Innotek.
LG Chem is the world’s top car battery supplier, selling batteries to 20 automakers.
LG Display is the world’s biggest supplier of display panels.