BOOKMARK
  • Korean|
  • Chinese|
  • Japanese|
  • Vietnamese
본문내용 바로가기

Aju Business Daily

SEARCH
  • ECONOMY
  • ENTERTAINMENT
  • IT
  • South Korea
  • North Korea
  • WORLD
  • SPORTS
  • LIFESTYLE
  • AUTO MOTIVE
  • OPINION
  • PEOPLE
  • MILITARY
Home > AUTOMOTIVE > article

LG and Magna agree to establish joint venture targeting rapidly growing global EV parts market

Park Sae-jin Reporter(swatchsjp@ajunews.com) | Posted : December 23, 2020, 14:55 | Updated : December 23, 2020, 14:55
  • 트위터
  • 페이스북
  • 웨이보

[Courtesy of LG Electronics]

SEOUL -- South Korea's electronics giant LG Electronics and Canada's mobility technology company Magna International have agreed to establish a joint venture targeting the global electronic vehicle powertrain market that is growing rapidly thanks to the popularization of eco-friendly vehicles.

LG said in a statement on December 23 that the company and Magna will set up a joint venture tentatively called LG Magna e-powertrain to manufacture electric motors (e-motors), inverters and onboard chargers for electric vehicles (EVs). The joint venture will also manufacture electric powertrain systems for certain carmakers, the tech giant said, without disclosing details of the agreement.

LG has been beefing up its EV parts-making capability since 2013 when the company launched a Vehicle Component Solutions division to manufacture infotainment systems and powertrain parts for international carmakers such as Chevrolet and Jaguar. In 2018, LG acquired ZKW, an Austrian headlamp maker, to develop next-generation headlamps using light-emitting diodes (LEDs).

"Manufacturers need to be disruptive to maintain leadership positions in electrification and, through this deal, LG is entering a new phase in its automotive components business, a growth opportunity with enormous potential," LG Electronics' Vehicle Component Solutions division president Kim Jin-yong said.

Magna established in 1957 is a car parts maker that specializes in the production of chassis, powertrains and management software. It will support the joint venture with its software and systems integration capabilities.

"By combining our strengthens, we expect to gain investment efficiency and speed to market with synergies to achieve more, all while continuing to capitalize on the acceleration of the electrified powertrain market," Magna CEO Swamy Kotagiri was quoted as saying.

According to LG, the joint venture will have more than 1,000 employees at offices located in South Korea, the United States and Canada.
 

  • Park Sae-jin Reporter
  • email : swatchsjp@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.
  • twitter
  • facebook
  • weibo
  • link copy
  • LIST
  • TOP

Related news

  • .S. Korea demonstrates 20-minute ultra-fast EV chargers in southern resort island.
    S. Korea demonstrates 20-minute ultra-fast EV chargers in so…
  • .Hyundai auto group ties up with Singapores SP Group for joint EV business.
    Hyundai auto group ties up with Singapore's SP Group for joi…
  • .Hyundai reveals one-of-a-kind mini EV for kids designed after new concept car.
    Hyundai reveals one-of-a-kind mini EV for kids designed afte…
  • .GS Caltex works with Lotte Rental to provide EV charging service for rental cars.
    GS Caltex works with Lotte Rental to provide EV charging ser…
  • .S. Korea tests EV charging Airbnb in Jeju to resolve lack of infrastructure.
    S. Korea tests EV charging Airbnb in Jeju to resolve lack of…

Real Time Photo News

  • .Singer HyunA to end 14-month hiatus with mini-album Im Not Cool.

    Singer HyunA to end 14-month hiatus with mini-album 'I'm Not Cool'

  • .NCSofts global K-pop fan community platform to service original content including songs.

    NCSoft's global K-pop fan community platform to service original content including songs

  • .Singer IU drops teaser image for upcoming full album.

    Singer IU drops teaser image for upcoming full album

  • .Cube Entertainment partners with web comics company to create online video content.

    Cube Entertainment partners with web comics company to create online video content

  • .Sci-fi film starring Song Joong-ki to be reelased on Netflix in February.

    Sci-fi film starring Song Joong-ki to be reelased on Netflix in February

Latest News

more+

  • Singer HyunA to end 14-month hiatus with mini-album 'I'm Not Cool'
  • S. Korea's medium-sized satellite ready for launch in March in Kazakhstan
  • Former coach gets jail term of over 10 years for sexually assaulting Olympic gold medalist
  • S. Korea demonstrates 20-minute ultra-fast EV chargers in southern resort island
  • Innovative electric vehicle charging station makes debut in Seoul as lifestyle complex
Aju Business Daily
  • ABOUT US
  • CONTACT US
  • PRIVACY STATEMENT
  • Copyright Policy

Address : Aju News Corporation LEEMA Building, 11th floor, 42, Jong-ro 1-gil, Jongno-gu, Seoul.    Mail : swatchsjp@ajunews.com

Copyright ⓒ 2016 By Ajunews Corporation, All Rights Reserved.

Mobile view