LG Innotek is set to supply more than ₩1 trillion worth of camera modules to Tesla, which equates to about $840 million. The supply contract will be signed during Q1 2022, after which mass production will begin.
LG Innotek's Electronic Components Division will soon bring huge profits to the department. On January 13, it was announced that the company is preparing to supply camera modules and some other parts for Tesla. The cameras will be installed on Tesla Model Y and 3 for the North American and European markets, as well as on Cybertruck. According to a Korea IT News report, the supply contract will be signed during Q1 2022. It is noted that the scale is very important, as the deal is worth ₩1 trillion, which is equivalent to about $840 million.
Last year, Tesla also signed a ₩490 billion (about $412 million) contract to supply camera modules with Samsung Electro-Mechanics. The parts that will be installed on the electric vehicles for the Chinese market were supplied from the Chinese factory of Samsung Electro-Mechanics.
Last year, LG Innotek supplied a number of camera modules for Tesla for the first time and thus passed the equipment test. Now the company is registered as an official supplier of Tesla parts. If the supply contract is awarded during Q1, LG Innotek will become Tesla's main supplier of camera modules. Production is expected to take place at the LG Innotek plant in Mexico, given its relative proximity to Giga Texas.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.