LG Electronicse Magna International have signed the settlement agreement establishing a joint venture between the two companies. The new company, which will be called LG Magna E-Powertrain, is based in Incheon, South Korea and merges the technology of the Korean electronics giant (the LG Chem division also produces batteries) with the industrial capacity of Magna, the most large manufacturer of third-party vehicles.
The suspicion is that Apple and the Apple car may be behind the LG Magna pact. A few months ago, according to a report from South Korea, he would like to exploit the LG Magna joint venture.
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The rumors weren’t mine confirmed by Apple, but they come just as the German industry is rolling out the electric car. After all, Apple must also decide what to do when it grows up, given that its mega capitalization can probably not stand for long on the declining smartphone market and where with the iPhone, even though it is sold out, it no longer seems to offer any revolutionary element.
LG Magna E-Powertrain, the top
Leading the new company will be CEO Cheong Won-suk, with 20 years of experience at LG who was most recently vice president and head of LG Vehicle component Solutions Company’s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D. Javier Perez, who has worked with Magna since 2016, will be the new company’s COO and will be responsible for overseeing the joint venture’s operations. Perez brings to LG Magna e-Powertrain nearly 25 years of automotive manufacturing and quality control experience, 18 of which spent in Asia. The creation of the joint venture combines together Magna’s strength in electric propulsion systems and automotive manufacturing to world-class with LG’s experience in the development of components for electric motors and inverters. The announcement by the executive team of LG Magna e-Powertrain marks a milestone for the company, which will produce electric motors, inverters and on-board chargers and, for some automakers, related electric drive systems.