Joint venture between Korean and Canadian companies could build Apple EV
Nothing official yet from notoriously tight-lipped Apple
A new report from Korea says that the Apple Car is just about ready to be awarded to a manufacturer. And while we’ve heard that one a few times before, this one is a new player. A joint venture between LG Electronics and Canadian automotive supplier and builder Magna International.
The report from Korea Times cites a source familiar with the project as saying “LG Magna e-Powertrain is very near to signing contracts with Apple under which they could handle the initial volume production of Apple EVs. Contract details are still being discussed.”
The report goes on to says that the joint venture’s production of the first generation Apple Car EVs won’t be large because it will be a test from Apple rather than a full run at mass production. It points out that LG Group divisions including LG Display, LG Chem, LG Energy Solutions and LG Innotek are already part of the Apple supply chain, a benefit to the tech company when working to branch out to cars. They’re a known quantity who can handle Apple’s needs.
LG Magna e-Powertrain, as the joint venture is called, is valued at US $1B and will manufacture electric motors, inverters, and onboard chargers for electric vehicles. The report says it will be a 51/49 ownership split with LG having the larger share. The venture is expected to close in July if it gains LG shareholder approval. The report says that Magna has previously said it would build vehicles at a plant in North America if it was contracted.