The LG Magna e-Powertrain should launch in July of 2021.
LG launched its VS (Vehicle component solutions) project in 2013.
It is this asset that will form the joint venture with Magna.
The race to get EVs into world markets is forging new companies and alliances on a regular basis. This joint venture between LG Electronics and Canada’s own Magna International was announced very recently however the official approval by shareholders will only occur in March of 2021.
To give us all an idea as to how advanced and prepared these companies are, the LG Magna e-Powertrain is scheduled to launch in July of 2021, or about four months after the formation of the new company.
Said new company will be split between LG and Magna 51/49. LG brings to the table technological and manufacturing competitiveness in key EV powertrain components such as motors and inverters. Magna, meanwhile, is world-renown for its engineering feats, its integrated system design, and innovative testing of powertrains.
“We can expect the joint venture to secure new contracts from Magna and a variety of other clients,” the company told Hankyoreh, explaining its decision to “focus more on EV powertrains and increase its competitiveness.”
