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LG and Magna Sign Joint Venture Agreement and Announce Leadership Team New Company to Fuse Magna's and LG's Electric Powertrain Strengths to Accelerate E-Drive Component Development

LG and Magna Sign Joint Venture Agreement and Announce Leadership Team New Company to Fuse Magna's and LG's Electric Powertrain Strengths to Accelerate E-Drive Component Development
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LG and Magna Sign Joint Venture Agreement and Announce

LG and Magna Sign Joint Venture Agreement and Announce
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LG and Magna Enter Joint Venture Agreement to Expand in Powertrain Electrification Market

Press release content from Globe Newswire. The AP news staff was not involved in its creation.
LG and Magna Enter Joint Venture Agreement to Expand in Powertrain Electrification Market
Magna International Inc.; LG ElectronicsDecember 23, 2020 GMT
SEOUL, Korea and AURORA, Ontario, Dec. 22, 2020 (GLOBE NEWSWIRE) LG Electronics (“LG”) and Magna International Inc. (“Magna”) announced a joint venture (JV) to manufacture e-motors, inverters and on board chargers and, for certain automakers, related e-drive systems to support the growing global shift toward vehicle electrification. The new company, tentatively called LG Magna e-Powertrain, marries Magna’s strength in electric powertrain systems and world class automotive manufacturing with LG’s expertise in component development for e-motors and inverters, accelerating both partners’ growth in the electric powertrain market. ....

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