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Why Magna's CEO joined with LG to develop EV powertrains


Magna
Magna International and LG have created a joint venture to develop powertrains for electric vehicles.
Magna has been elevating its profile as electrification sweeps the auto industry, while LG also has a deal to build a battery factory with GM.
The strategy has been a long time coming, Magna s new CEO, Swamy Kotagiri, said in an interview with Insider.
Magna International is rapidly becoming a huge player in the auto industry. 
The $23-billion, Canada-based company was already big. Founded in 1957, it s long been known as a premier parts supplier, and through its Austrian Magna Steyr division, it runs the world s largest contract manufacturing facility, building vehicles for the likes of BMW and Jaguar Land Rover. ....

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