New Collaboration in Electric Car Industry from LG

New Collaboration in Electric Car Industry from LG

LG announced that it is partnering with Canadian Magna to increase its effectiveness in the electric car industry. The two companies will join forces in electric powertrain production.

South Korean technology giant LG announced that it has collaborated with Canadian auto parts manufacturer Magna International; to increase its effectiveness in the electric powertrain field and generate revenue from the electrification sector.

LG announced that it is partnering with Canadian Magna to increase its effectiveness in the electric car industry. Both companies are excited

The joint venture, initially called LG Magna e-Powertrain, will develop electric motors, inverters, on-board chargers and digital drive systems; to increase the effectiveness of the two companies in the electric car industry. According to the statement, the market share of the two companies that are currently producing electric auto parts; will grow even more as a result of this cooperation.

According to the statement made by LG, the joint company to be established; will use the two companies’ existing technologies, engineering capabilities and industry experience to expand their product range in the field of electrical power transmission systems. By 2030, the global electric car market is expected to grow significantly, and the joint venture between LG and Magna is directly targeting the global market.

LG announced that it is partnering with Canadian Magna to increase its effectiveness in the electric car industry. Both companies are excited

LG will benefit from Magna‘s increasing capacity to bring existing electrification components to market and the scale of production. Magna will also expand the LG product portfolio through software and system integration technologies. In addition, the joint venture will include more than a thousand employees; at LG headquarters in the US, South Korea and China.

A Huge Merger

“This partnership fully aligns with our strategy of being at the forefront of electrification and supporting automakers with a diverse and world-class portfolio,” said Magna President Swamy Kotagiri. By combining our strengths, we hope to gain investment efficiency and speed to market, while continuing to benefit from the momentum in the electric powertrain market. used the expressions.

LG announced that it is partnering with Canadian Magna to increase its effectiveness in the electric car industry. Both companies are excited

LG Electronics Automobile Materials Division Head Dr. Kim Jin-yong said, “Manufacturers have to be disruptive to maintain leadership positions in this field. With this deal, LG is entering a new stage in the automotive components business, a growth opportunity with huge potential. “We believe that the combination of our in-house talent, Magna‘s experience and extensive history will transform the EV powertrain faster than moving forward alone.”