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. December 23, 2020 Canadian Plastics
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 no
LG Electronics And Magna Announce e-Powertrain Joint Venture ++
LG Electronics and Magna International announced an intention to create a joint venture, tentatively called
LG Magna e-Powertrain, to manufacture
electric motors, related e-drive systems.
The idea is to combine Magna’s strength in electric powertrain systems and automotive manufacturing with LG’s expertise in component development for e-motors and inverters.
According to
Bloomberg, LG Electronics will spin off some of its EV components business into a new joint venture, in which Magna will buy a 49% stake for 501.6 billion won ($453 million). The remaining 51% will belong to LG Electronics.
The roughly $1 billion deal is expected to close in