LG is also betting on the electric car

LG is also betting on the electric car

Agreement with Canadian Magna, an investment of one billion dollars is estimated. Over a thousand employees in factories in the United States, China and South Korea will work on the projects

(Photo by hawkHD from Pixabay) The technology giant LG Electronics also aims to consolidate its role in the electric car market and announces an agreement $ 1 billion partnership with Magna International, Canada's leading auto parts manufacturer. The joint venture that will result from this operation will be temporarily called Lg Magna e-Powertrain and will be controlled 49% by the Canadian group and 51% by Lg.

This is mainly a strategic agreement aimed at the collaboration of the two companies to produce in particular electric motors and thrusters, power inverters and on-board chargers. To this end, the companies let it be known that over a thousand employees of LG will work on joint projects in its factories in the United States, China and South Korea.

This collaboration will also allow LG to enter "a new phase of its automotive components business, an opportunity for growth with enormous potential ", as stated Kim Jin-yong, president of LG Electronics Vehicle component Solutions Company, the division of the technology group that deals in particular with car components .

And that of the electric car is a sector that is becoming more and more tempting to technology companies, as evidenced by the recent rumors that Apple would give the job to launch its electric and self-driving car on the market within 2024. After all, there is talk of a market that, according to what reported by Statista, is estimated to be worth over 567 billion dollars in 2026, with a growth rate annual quote of about 15.6%.

Furthermore, the collaboration with Magna, which according to the agreements should be operational starting in June 2021, is added for Lg to other collaborations already signed by the South Korean giant with other companies, such as the supply of engines electric and batteries for the Chevrolet Bolt Ev model of the General Motors group.

For its part, Magna International, which closed 2019 with over $ 39.4 billion in sales, already has assets important collaborations for the supply of electrical components for cars and also counts among its customers a giant like Volkswagen.

The news of the creation of this joint venture also flew Lg's stock to the Seoul Stock Exchange, where the company's stock gained over 30%.

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