LG and Magna join forces to tackle electric powertrain market
The South Korean company LG Electronics and Canadian company Magna International announced a joint venture to supply electric motors, inverters, on-board chargers and e-drive systems in a growing market.
The company is called “LG Magna e-Powertrain” and focuses on Magna’s strength in E-powertrain systems and automotive manufacturing, whereas LG brings in expertise in E-motors and inverters. The combined portfolio offers both companies significant growth opportunities.
Magna is well known in being a parts supplier and contract manufacturer for automakers. Currently, the company manufacturers more than a hand full of vehicles:
- Jaguar E-Pace since 2017
- BMW 5-series (G30) since 2017
- Mercedes-Benz G-Wagon W463 since 2018
- Jaguar I-Pace since 2018
- BMW Z4 (G29) since 2018
- Toyota Supra since 2019
LG is supplying components most notably to the Jaguar I-Pace and Chevy Bolt. The 100% subsidiary of LG Chem, LG Energy solutions, is one of the largest battery cell producers in the world with plants in South Korea, Europe, China, and the US. The biggest plant in Poland has currently a capacity of 70 GWh.
The Joint Venture between LG and Magna is planned to have more than 1,000 employees at different locations in the US, South Korea and China.
Leave a Reply
Popular Stories
-
Specifications of the LGX E78 battery cell from LG Chem for electric vehicles
-
What we know about the Volkswagen ID.4 Battery Pack
-
Specifications of the Samsung SDI 120 Ah battery cell for electric vehicles
-
Audi Battery packs and cells
-
BYD invests in new production lines for blade battery technology in China
As electrification in general and battery technology particularly becomes increasingly interesting for a growing number of industries and companies, we see ourselves in the role of providing decision-makers and enthusiasts with important data to navigate successfully through the new decade.