LG, Magna launch electric drive JV
Already the third time tins week, Magna is populating the headlines of eeNews Europe: After the takeover of Swedish automotive supplier Veoneer and the success of its digital radar at e-car manufacturer Fisker, Magna now announces the formation of a joint venture with LG Electronics (LG). With the new company, to be called LG Magna e-Powertrain, both parent companies hope to get a bigger piece of the fast-growing e-mobility pie.
The creation of the joint venture, based in Incheon, Korea, unifies Magna’s strong position in electric powertrain systems and automotive manufacturing with LG’s expertise in component development for e-motors and inverters. Announcing LG Magna e-Powertrain’s executive team marks a key milestone for the joint venture company, which will develop and produce e-motors, inverters and on-board chargers as well as, for certain automakers, related e-drive systems.
The design, engineering and manufacturing synergies created by LG Magna e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification. The JV will develop powertrain components that offer automakers a scalable portfolio from complete solutions enabling electrification and functionality to integrating intelligent operating software and controls in new e-drive systems.
The parent companies already announced the leadership team of its new joint venture. Leading the company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle component Solutions Company’s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D.
Javier Perez, who has been with Magna since 2016, will be the new company’s Chief Operating Officer (COO). He will oversee the day-to-day operations of the JV. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG Magna e-Powertrain, 18 of those years based in Asia.
“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,” said Perez. “Leveraging existing technologies, engineering capabilities and global footprints, LG Magna e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups.”
LG Magna e-Powertrain will be made up of more than 1,000 employees in the United States, South Korea and China.
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