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.