In This Article:
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Automotive component patents account for nearly 40 percent of LG Innotek's patent applications, including LiDAR, Automotive camera modules, Lighting systems, and Communication modules.
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Registration of 5 EVCC standard essential patents, securing technological advantage in EV communication and charging control technologies.
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Collaboration with domestic and international standardization organizations to take part in next-generation mobility component standardization activities.
SEOUL, South Korea, Sept. 5, 2024 /PRNewswire/ -- LG Innotek is committed to enhancing its competitiveness in patents through its advanced technology in the field of advanced mobility, including electric and autonomous vehicles. Based on this, its strategy is to take the lead in the global automotive component market.
LG Innotek (CEO Moon, Hyuksoo) announced on September 5, 2024, that it has filed a total of 3,500 patents related to automotive components over the past five years.
To drive growth in the automotive component business, which is a new growth engine, the company has consistently focused on pioneering the development of core technologies every year and increasing the proportion of its patents in automotive components. As a result, automotive components accounts for nearly 40% of all the company's patent applications.
Among automotive components, LG Innotek is particularly focusing on rapidly expanding its patent applications in the field of advanced vehicle technologies, including LiDAR (light detection and ranging), Automotive camera modules, Lighting systems, and Communication modules.
Furthermore, the company is also intensifying its efforts to secure Standard Essential Patents(SEPs) leveraging its advanced technology in the field. Recently, it successfully has listed five SEPs for the Electronic Vehicle Communication Controller (EVCC).
SEPs are patents for technologies that are essential in the implementation of standard specifications set by standardization organizations, such as the ISO (International Organization for Standardization) and IEC (International Electrotechnical Commission).
A company that holds a SEP can establish a technological advantage in its field and expand market dominance. In addition, SEP can also generate royalties revenue. LG Innotek thus expects to increase its market share in the areas of electric vehicle communication and charging control as well as generate additional income from royalties.
The five technologies listed as a SEP include four technologies that determine the vehicle charging mode using communication channels and one technology for controlling battery charging. LG Innotek also secured three international SEPs for the EVCC last year. There are only eight companies in the world, including GE and Siemens, that hold international SEPs for EV charging.