LG and Magna join forces for powertrain electrification

December 23, 2020 //By Christoph Hammerschmidt
LG and Magna join forces for powertrain electrification
Electronics supplier LG and automotive tier one Magna International have launched a joint venture to manufacture e-motors, inverters and on-board chargers. The JV, tentatively called LG Magna e-Powertrain, is intended to marry Magna’s strength in electric powertrain systems and automotive manufacturing with LG’s expertise in component development for e-motors and inverters. With the move, the partners hope to boost their growth in the electric powertrain market.

The JV enables the two companies to continue to grow their electric powertrain product offerings by leveraging existing technologies, engineering capabilities and global footprints. The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030. The JV is designed to target this fast-growing global market with a suitable portfolio.

LG has established experience in the development of electric vehicle components most notably for the Chevrolet Bolt EV and Jaguar I-Pace. Against this background, LG sees good chances to accelerate the JV’s time to market and scale of manufacturing for electrification components, while software and systems integration are competencies that Magna brings to this venture.

“By combining our strengths, we expect to gain investment efficiency and speed to market with synergies to achieve more, all while continuing to capitalize on the acceleration of the electrified powertrain market”, said Magna President and incoming CEO Swamy Kotagiri.

The JV will include more than 1,000 employees located at LG locations in the United States, South Korea and China.

The transaction is expected to close in July of 2021, subject to a number of conditions including obtaining LG shareholder approval and all necessary regulatory approvals.

More information: www.lgnewsroom.com

https://www.magna.com

 

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