LG Electronics & Magna launch joint venture
The announced joint venture between LG Electronics and Magna to manufacture electric motors, inverters and onboard chargers, as well as complete electric drive systems, has now been sealed. The joint venture’s management team is also now in place.
Called LG Magna e-Powertrain, the joint venture is based in the South Korean city of Incheon and will consist of more than 1,000 employees in the US, South Korea and China.
With the formation and approval of LG shareholders, the companies have now been able to release further details: The joint venture will be led by long-time LG executive Cheong Won-suk, who was previously vice president and head of green business at LG Vehicle Component Solutions Company. Magna will provide the COO, Javier Perez, who will manage the day-to-day business.
By combining their competencies, both groups aim to “quickly react to market trends and capitalize on the growing global shift toward vehicle electrification”. The drive solutions developed under the joint venture are intended to provide carmakers with a scalable portfolio, “from complete solutions enabling electrification and functionality to integrating intelligent operating software and controls in new e-drive systems”.
In his statement, CEO Cheong highlights the synergies. “The integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market,” Cheong said. COO Perez adds, “The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030. Our joint venture company brings together experts from Magna and LG to deliver a world-class portfolio of electric solutions.”
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