LG Electronics and Magna announce powertrain joint venture

LG Electronics and Magna International have established a joint venture to manufacture e-motors, inverters and on-board chargers. The new company, LG Magna e-Powertrain, will be headquartered in Incheon, South Korea, and is expected to have more than 1,000 employees in the US, South Korea and China. 

Powertrain development will be based on Magna’s electric powertrain systems and LG’s e-motor and inverter components.

“Partnering with Magna enables LG to scale up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation,” said LG Magna e-Powertrain CEO Cheong Won-suk. 

Source: Magna