Aurora, Ontario — LG Electronics and Magna International have joined forces to form LG Magna e-Powertrain, a single company to bridge the technological developments between the two collaborators, according to a press release from Wednesday.
The company will be led by 20-year LG veteran and new CEO Cheong Won-suk who, prior to joining LG, worked in the Daewoo Motors R&D department.
“Partnering with Magna enables LG to scale up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation,” said Cheong.
“The integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market.”
Javier Perez, who has been with Magna since 2016, will be the new company’s COO. He will be responsible for overseeing the day-to-day operations of the joint venture.
“The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030. Our joint venture company will bring together experts from Magna and LG to deliver a world-class portfolio of electric solutions,” said Perez.
“Leveraging existing technologies, engineering capabilities and global footprints, LG Magna e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups.”
