Shulou(Shulou.com)11/24 Report--

According to news in the morning of December 26, Beijing time, an analyst at KB Securities told its customers in a note on Friday that South Korea's LG Group's business covers consumer electronics companies and battery manufacturing for electric cars, which will make it a good partner for Apple, a US technology giant that is trying to build its own smart cars.

"if Apple plans to start selling new cars in 2026, then they should start building their own electric car supply chain next year," Kim Dong-won wrote in the report. He also referred to a report released earlier this month that Apple had scaled back its self-driving program and delayed the target launch date of the new car by about a year, according to people familiar with the matter.

"Apple is likely to work with LG Group, which has a complete lineup of electric car parts," Kim Dong-Won said. "

On Thursday, local media reported that Apple had proposed a partnership with LG Group, which had begun to form an internal team to work with Apple, including employees from its battery manufacturing business LG New Energy, auto parts manufacturing business LG Electronics and camera module manufacturing business LG Innotek. A spokeswoman for the group said by telephone that the content of the report was not true, but she declined to elaborate further.

There has been speculation about whether Apple will consider working with LG. In 2021, LG Electronics formed a joint venture with Canada's Magna International to develop electric vehicle parts, while LG New Energy made batteries for Tesla and General Motors. LG Innotek and LG Display are both suppliers of Apple's iPhone, according to the data.

Mr Kim Dong-Won said the South Korean conglomerate was seeking to become a "holistic solution provider for electric vehicles" by providing a variety of components, adding that he expected Apple not only to sell vehicles, but also to provide subscriptions and platform services to its owners.

"as Apple's smartphone growth has become very slow, expectations for Apple to develop electric cars are rising," Kim Dong-Won wrote. "if so, LG New Energy, LG Electronics, LG Innotek and LG Display could all benefit."

On Friday, shares of LG Electronics rose 1.1 per cent in trading, while shares of LG New Energy fell 2.8 per cent.

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