LG Chem announced on the 28th that it has signed a memorandum of understanding (MOU) with Volkswagen Group to develop and expand the application of next-generation eco-friendly mobility materials.
Through this agreement, both companies will collaborate on lightweighting vehicles and enhancing performance by utilizing LG Chem's ABS (high-value-added synthetic resin), EP (engineering plastics), and other materials. ABS and EP are high-performance plastics known for their excellent impact resistance, durability, and processability, widely used in exterior components of home appliances and interior/exterior parts of automobiles.
Additionally, the two companies plan to explore expanding the application of LG Chem's recycled (Post-Consumer Recycle) materials and cost-competitive materials to the interior and exterior components of Volkswagen Group's major vehicle brands, aiming to strengthen their competitive edge in sustainable future mobility materials.
This agreement reflects the aligned interests of LG Chem, which seeks to expand the market for high-value-added and eco-friendly automotive materials to boost competitiveness in future mobility, and Volkswagen, which aims to build a sustainable and organic raw material supply chain from materials to finished vehicles. Both parties agreed to share insights on technological trends and global market dynamics related to next-generation mobility materials, while also cooperating on various research and development initiatives, including feasibility studies for specific material applications.
Yang Sa (CEO) participated in a special ceremony where they fitted together puzzle pieces during the signing event. The puzzle symbolizes the integration of both companies' technologies and capabilities to complete a blueprint for future mobility, representing their commitment to creating continuous customer value through joint innovation.
Executives from Volkswagen Group attended an exhibition booth tour and seminar session at the Osan Customer Solutions (CS) Campus, where they learned about solutions related to the circular economy, electrification, high functionality, and cost competitiveness. They also visited the Magok LG Science Park to review LG Group's future growth technologies and R&D capabilities in the mobility sector, exchanging views on expanding cooperation.
Kim Sang-min, head of LG Chem's Petrochemical Business Division, stated, "We expect this to be a meaningful starting point for global automakers and materials companies to jointly drive innovation in future mobility materials. Based on our technological strength and competitiveness in high-value-added and eco-friendly materials, we will work with customers to set the course for sustainable growth."
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