To accelerate innovation for new business, LG Electronics has formed new center LG NOVA in Silicon Valley. LG NOVA will partner with startup and entrepreneur communities to scale up ideas and concepts to its next stage of development.
- LG NOVA will engage with innovators in North America and around the world who are creating accessible, socially impactful solutions that push the envelope of the technologically advanced lifestyle.
- The innovation center is focused on catalyzing solutions that improve accessibility, mobility, usability and connectivity for home, work, school and life, as well as ideas and approaches for carbon reduction and renewable energy.
The prominent deals and expansion by LG group are mentioned below:
July 2021: Due to global shift in vehicle electrification, LG Electronics (LG) and Magna International Inc. (Magna) signed an agreement for joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea
July 2021: Hyundai Motor Group and LG Energy Solution had signed a Memorandum of Understanding (MoU) with the Government of Indonesia to establish a new joint venture (JV) in Indonesia to manufacture battery cells for BEVs.
April 2021: For the development of efficient battery in the USA, GM and LG Energy Solution invested $2.3 billion. Ultium Cells LLC, a joint venture of LG Energy Solution and General Motors. The JV will build its second battery cell manufacturing plant in the United States. The new battery cell plant will create 1,300 new jobs.
March 2021: In order to expand battery production in America, LG Energy Solution announced to invest more than $4.5 billion by the end of 2025. The investment will create more than 10,000 jobs by the company in the USA. The company plans to further expand its battery production capacity in the USA.
February 2020: LG Electronics, had decided to sell its Chinese headquarters buildings for approximately $562 million. As per agreement The LG Beijing Twin Towers, comprised of two 31-story buildings, will be sold to RECO Changan Private Ltd., a subsidiary of Government of Singapore Investment Corp. LG Electronics had spent nearly $400 million to build the Twin Towers, which is located in the Chaoyang district of the Chinese capital city, in 2005.
The funds from this deal will help the company in its future growth engines.
January 2020: LG Electronics entered into an agreement with Luxoft, a DXC Technology Company, to jointly develop and expand the webOS Auto platform in production-ready systems. The new JV will be based in Santa Clara, California, and is expected to begin operation in the first quarter of 2020.
January 2020: LG Electronics had also announced a partnership with Microsoft to build its automotive infotainment systems, building management systems, and other business-to-business collaborations. As per the agreement, LG will leverage Microsoft Azure and AI services to accelerate the digital transformation of LGs B2B business growth engines.
About LG Electronics
LG Electronics, is a global innovator in technology and manufacturing with operations in more than 140 locations around the world. The company has a workforce of approximately 70,000 around the world. LG is comprised of five companies: Home Appliance & Air Solutions, Home Entertainment, Mobile Communications, Vehicle Components, and Business-to-Business. The company is the worlds leading producer of TVs, washing machines, refrigerators, air conditioners, and mobile devices in addition to premium LG signature products and ThinQ featuring artificial intelligence.