Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

South Korea’s LG Electronics and Canadian automaker Magna International have entered a joint venture to co-develop powertrains for electric vehicles.


The firm, LG Magna e-powertrain, will target the expanding EV market by bringing LG’s expertise in electric motors and Magna’s manufacturing abilities to the table. 


LG will help Magna to speed- and scale-up development of the latter’s electric powertrains by leveraging LG’s component manufacturing experience for e-motors in cars like the Chevrolet Bolt EV and the Jaguar I-Pace. 


The new company will be formed by July 2021, subject to formalities such as shareholder and regulatory approvals, and will employ 1,000 workers at LG locations in the US, South Korea, and China. 

Leave a Reply

Your email address will not be published.