LG Electronics has achieved a significant milestone by receiving Toyota Motor North America’s 2024 Excellent Value Improvement Award for the first time. The prestigious recognition was presented at Toyota’s Annual Supplier Business Meeting in the United States, acknowledging LG’s exceptional performance in delivering electronic components for Toyota’s North American vehicle market.
The award represents a major achievement in LG’s 13-year partnership with Toyota, which began in 2011 with the supply of Navi-box components. Since then, LG has evolved into a key provider of advanced telematics solutions, particularly through its Vehicle Solution Company, which has been delivering state-of-the-art telematics control units (TCUs) since 2019.
These TCUs incorporate cutting-edge features including 5G connectivity, Vehicle-to-Everything (V2X) communication, and enhanced cybersecurity capabilities – essential elements for modern vehicle operations. LG’s ability to maintain consistent delivery of these high-quality components, especially during post-pandemic supply chain disruptions, played a crucial role in securing this recognition.
Toyota’s annual Excellent Value Improvement Award evaluates suppliers across multiple criteria, including technological advancement, supplier diversity, quality standards, and value chain promotion. LG distinguished itself through systematic manufacturing, innovations and strategic operational improvements that effectively addressed global supply chain challenges while maintaining product excellence.
North America represents approximately 30% of Toyota’s global sales, making it a crucial market for both companies. LG’s contribution to strengthening Toyota’s supply chain competitiveness in this region has been particularly noteworthy, with their coordinated efforts in process improvements and logistics optimisation resulting in significant cost reductions while maintaining superior product quality.
“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,” said Ryan Grimm, Group Vice President of TMNA R&D Purchasing Supplier Development.
LG’s achievement marks its evolution from a component supplier to a strategic partner in advanced vehicle technologies. The award underscores the growing importance of technological innovation in automotive telematics and connectivity solutions, particularly as the industry moves towards smarter, more connected vehicles.
This recognition not only reinforces LG’s position in the automotive industry but also signals its expanding role in shaping future mobility solutions. As both companies continue to innovate in vehicle electronics and connected services, their partnership is expected to strengthen further, contributing to the advancement of automotive technology.
Source: LG Newsroom
