LG together with Magna to excel in the electric vehicle components sector
Source: HW Upgrade added 04th Jan 2021
The two brands will give rise to a third new company called LG Magna e-Powertrain which will combine Magna’s experience in the management and design of vehicle spare parts and LG’s in the development of electrical and electronic components, covering a sector that is estimated to have significant growth between now and 2030 worldwide
by Carlo Pisani published on 04 January 2021 , at 10: 41 in the Technology channel
LG Magna International
LG and Magna International , a Canadian company engaged in the automotive spare parts and components sector, announce the start of a collaboration aimed at the development and marketing of electric motors , inverter and on-board battery charger systems with the aim of obtaining an important role on a global level in the production and maintenance chain of electric vehicles.
The two brands will give rise to a third new company called LG Magna e-Powertrain which will combine Magna’s experience in the management and design of vehicle spare parts and LG’s in the development of electrical and electronic components, covering a sector that is estimated to have significant growth between now and 2030 worldwide.
“This partnership reflects our strategy of being i n the forefront of vehicle electrification and offering support to car manufacturers by ensuring a diversified and globally available component portfolio. By combining our strengths, we expect to achieve investment efficiency and speed to market, all while continuing to promote the spread of electric powertrains on the market “, said Swamy Kotagiri , current chairman of Magna and incoming CEO of the new LG Magna e-Powertrain.
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“Manufacturers must be disruptive to maintain leadership positions in electrification and, through this agreement, LG is entering a new phase in its business of automotive components, a growth opportunity with enormous potential. We believe the combination of our in-house skill and Magna’s experience and vast history will increase the uptake of electric thrusters faster than if we went it alone. “ stated instead Kim Jin-yong , president of the LG electric vehicle components division.
A partnership which in addition to guaranteeing the presence on the market of a new important brand and a increased availability of components for electric drive systems will offer over 1. 00 0 new jobs for LG in the various plants in the United States, South Korea and China .