Wednesday, May 18, 2022
News LG and Magna Latest Tagged to Build Apple Car

LG and Magna Latest Tagged to Build Apple Car

Canadian company to build Apple car?

  • 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.

 

 

Trending Now

The Fisker PEAR will be Built by Foxconn in Ohio

Fisker plans to assemble 250,000 units per year. Foxconn has acquired Lordstown's 6.2 million-square-foot vehicle manufacturing facility in Ohio. Production is expected to...

New Volkswagen ID. Buzz Priced from €64,581 In Germany

The Cargo version starts at €54,430. Pricing includes Germany’s 19% VAT but not the incentives. Pre-sales begin on Friday. We are getting closer to...

Ford is Working on LFP Batteries to Use in Some EVs

Ford currently uses NCM batteries in its electric vehicles Lithium Iron Phosphate batteries are a cheaper alternative, but they are less power-dense Tesla...

Honda Teased the Prologue Electric SUV and its Plan to Sell 500,000 EVs in North America by the End of the Decade

The Honda Prologue will have a front end resembling the new CR-V and plastic cladding adding a more rugged look This first EV...

LG Chem is Working on a New Type of Plastic that will Help Fight Battery Fires

LG Chem batteries have led to many recalls due to risks of fire in the last few years The company says a new...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.