LG and Magna form JV to deliver world-class portfolio of electric solutions
The joint venture, headquartered in South Korea's Incheon, fuses Magna's strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters.
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- Korea Rep
LG Electronics and Magna on Wednesday signed a transaction agreement to establish a joint venture (JV) called 'LG Magna e-Powertrain' to accelerate the development of electric solutions including e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems.
LG Magna e-Powertrain will be lead by CEO Cheong Won-suk, a 20-year LG veteran, while Javier Perez, who has been with Magna since 2016, will be the COO. The new company will be made up of more than 1,000 employees in the United States, South Korea and China.
Partnering with Magna enables LG to scale up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation. The integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market.
The joint venture, headquartered in South Korea's Incheon, fuses Magna's strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters.
In a press release on Wednesday, LG said that the JV will develop powertrain components that offer automakers a scalable portfolio - from complete solutions enabling electrification and functionality to integrating intelligent operating software and controls in new e-drive systems.
"Our joint venture company brings together experts from Magna and LG to deliver a world-class portfolio of electric solutions. Leveraging existing technologies, engineering capabilities and global footprints, LG Magna e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups," said COO Perez.
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