A few days ago, it was learned from overseas media that LG Electronics and car supplier Magna International will establish a joint venture. The joint venture will be named LG Magna e-Powertrain tentatively, with an investment of USD 1 billion , which will produce electric motors. , Inverter and car charger. This cooperative operation of
expands the wave of integration among suppliers and aims to occupy the growing market of electric vehicles and electric drive shaft systems. Earlier this year, gear manufacturer BorgWarner Inc. (BorgWarner Inc.) acquired rival Delphi (Delphi), Japanese manufacturers Aisin Seiki Corp (Aisin Seiki Corp), Denso Corp (Denso Corp) and Toyota Motor Corporation ( Toyota Motor Corp.) established a new electric shaft joint venture called BluE Nexus. Many companies are laying out the future electric vehicle parts field.
LG will own 49% of the new company and Magna will hold 51%. According to a press release, the transaction is expected to be completed in July 2021, subject to approval by LG shareholders, and the company will employ approximately 1,000 employees in the United States, Seoul and LG China.
LG previously provided motors, battery packs and other components for GM's Chevrolet Bolt EV. Magna has produced electric car gears for companies including Volkswagen. Magna’s incoming CEO Swamy Kotagiri (Swamy Kotagiri) said in an interview with foreign media before the announcement on Tuesday that he has gained more initiative in the production of high-value core parts for electric vehicles. It has always been part of our forward strategy.
Source: Bitauto.com
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