LG Innotek invests $1 billion to double the production capacity of mobile phone camera modules

LG Innotek invests $1 billion to double mobile phone camera module production

【PhoneAuto News】According to PhoneAuto, LG Innotek, a subsidiary of LG Group and a South Korean electronic component manufacturer, will inject nearly $1 billion into its factory in Haiphong, Vietnam, with the goal of doubling its mobile camera module production capacity!

LG Innotek

According to foreign media reports, LG Innotek will invest KRW 1.3 trillion (approximately $1 billion) in its production factory in Haiphong, Vietnam, with the aim of doubling the production capacity of its smartphone camera modules. After the $1 billion capital increase, the total investment in this project will reach $2.051 billion.

PhoneAuto learned from foreign media that the LG Innotek Haiphong factory project is located in the Changye Industrial Park in Haiphong City and was officially put into operation in 2020. This factory specializes in manufacturing various electronic components for automobiles, mobile phones, and mobile phone cameras. After the completion of the third phase of the project, it is expected to create 2,600 jobs, with an annual profit of about $400 million and an annual tax payment of about VND 100 billion (approximately RMB 30.67 million).

In the mobile phone industry, LG Innotek is known as an optical supplier for Apple. At the end of last year, Korean media reported that the company plans to invest KRW 1.65 trillion (approximately RMB 9 billion at the time) to build a new factory to produce periscope and zoom actuators for this year’s Apple iPhone 15 model.

According to previous reports, Apple is likely to add a periscope camera to the iPhone 15 this year, and the camera will be produced by LG Innotek. Korean media pointed out in a report that LG Innotek is supplying camera modules to iPhone, and the proportion of its total sales to Apple is increasing.

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