The LG Magna e-Powertrain JV will begin operations this month

2 July 2021, 09:19:46

The LG Magna e-Powertrain is a joint venture between LG Electronics of Korea and Magna International of Canada. It is set to start operations this month. LG will participate by separating a part of its VS Business Division. Magna will invest USD 453 million to secure a 49% stake. By mid-July, the new business entity should be established. LG Magna e-Powertrain will produce inverters, motors, and in-vehicle chargers. It will compete with companies such as Continental, Bosch, Nidek, and Denso. The JV will aim to reach 1 trillion won in sales by 2023 and 2 trillion won by 2025. This ambitious goal has the potential to be achieved as EV powertrains account for 10 trillion won of the VS Business Division's order balance of 60 trillion won. In addition, Magna's main customers such as General Motors, BMW, and Ford, are expanding their EV lineups. Moreover, Apple is rumored to outsource production of the Apple Car to LG Magna e-Powertrain.

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