[Auto] Magna and LG Electronics create electric vehicle joint venture

[FNX Magokiler]

It is a new player in the zero emission car segment that will seek to work hand in hand with traditional manufacturers to boost this area.

The Canadian manufacturer of automotive components Magna and the South Korean LG Electronics announced the creation of a joint venture, which will initially be called LG Magna e-Powertrain, for the production of powertrains for electric vehicles. Magna said in a statement that LG Magna e-Powertrain will produce electric motors, inverters, chargers and, "for certain automakers, related e-drive systems to support the growing global shift towards electrification of vehicles." The joint venture will have more than 1,000 employees and will have facilities in the United States, South Korea and China. The Canadian manufacturer, one of the world's largest automotive manufacturers, added that the joint company unites "the strength of the electric motor plant systems and the manufacturing capacity of Magna with the experience of LG in the development of components for electric motors ( e-motors) and investors ".

 

 

LG has participated in the development of components for current electric vehicles such as the Chevrolet Bolt and the Jaguar I-PACE. Magna President Sawmy Kotagiri noted that this partnership is fully aligned with its strategy "to be at the forefront of electrification and support manufacturers with a diverse and first-class product range." For his part, the president of LG Electronics Vehicle Component Solution, Kim Jin-yong, said that "manufacturers need to be radical to maintain leadership positions in electrification and, with this agreement, LG is entering a new phase of its automotive components business, a growth opportunity with enormous potential. " The zero-emission and inverter car market is expected to grow significantly until 2030 and that by that year 15% of the vehicles sold worldwide will be fully electric.