LG AND MAGNA ENTER JOINT VENTURE AGREEMENT TO EXPAND IN POWERTRAIN ELECTRIFICATION MARKET
LG AND MAGNA ENTER JOINT VENTURE AGREEMENT TO EXPAND IN POWERTRAIN ELECTRIFICATION MARKET SEOUL, Korea and AURORA, Ontario, Canada, Dec. 23, 2020 – LG Electronics (“LG”) and Magna International Inc. (“Magna”) announced a joint venture (JV) to manufacture e-motors, inverters and onboard chargers and, for certain automakers, related e-drive systems to support the growing global shift toward vehicle electrification. The new company, tentatively called LG Magna e-Powertrain, marries Magna’s strength in electric powertrain systems and world-class automotive manufacturing with LG’s expertise in component development for e-motors and inverters, accelerating both partners’ 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 signif...