Magna, LG Electronics partnering to build electric car components
The joint venture parntership will include more than 1,000 employees located at LG locations in the U.S., South Korea and China.
Automotive parts maker Magna International Inc. has signed a deal with LG Electronics to create a joint venture to build components for electric cars.
In a Dec. 22 statement, Aurora, Ont.-based Magna said the venture will manufacture e-motors, inverters, and on-board chargers and, for certain automakers, related e-drive systems.
The joint venture tentatively has been called LG Magna e-Powertrain.
“The JV enables the two companies to continue to grow their electric powertrain product offerings by leveraging existing technologies, engineering capabilities and global footprints,” Magna said in its statement. “The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030, and the JV will target this fast-growing global market”.
Dr. Kim Jin-yong, President of the LG Electronics Vehicle Component Solutions Company. “We believe that the combination of our in-house prowess and the experience and extensive history of Magna will transform the EV powertrain space faster than if we proceed alone,” said Dr. Kim Jin-yong, president of the LG Electronics Vehicle Component Solutions Company.
The JV will include more than 1,000 employees located at LG locations in the U.S., South Korea and China.
The transaction is expected to close in July of 2021.