LG Uplus, Hyundai Motor Group in connected car service deal
Han-Gyeol Seon
Nov 14, 2022 (Gmt+09:00)
LG's infotainment system and telematics LG Uplus Corp., South Korea’s third-largest mobile carrier, will supply exclusive wireless communications services to Hyundai Motor Group for its connected cars from January 2023.
LG Uplus, an LG Group unit, has signed a multi-year deal with the top Korean automotive group, which includes Hyundai Motor Co., premium brand Genesis and Kia Corp.
Under the agreement, LG will exclusively provide telematics services to the three brands of the group for their connected cars. Neither side provided details such as the duration and value of the deal.
Currently, Hyundai Motor Group receives wireless communications services from Korea’s three mobile carriers, including SK Telecom Co. and KT Corp.
Hyundai Motor's 2023 Tucson SUV with an in-vehicle infotainment and telematics system A connected car is a vehicle that can be remotely managed, enabling various infotainment services by connecting a wireless communications network to the vehicle system.
According to a report published by UnivDatos Markets Insights, the global connected car market is expected to grow at an annual average rate of 18% from 2021 to 2027, reaching $58 billion by 2027.
“Our collaboration with Hyundai will be worth tens of billions of won. The business size may vary depending on vehicle sales,” said an LG Uplus official.
Write to Han-Gyeol Seon at always@hankyung.com In-Soo Nam edited this article.