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LG-Magna joint venture close to winning Apple electric car project

According to foreign media reports, the joint venture between LG Electronics and Canadian auto parts supplier Magna International (tentatively named LG Magna Electric Powertrain, LG Magna e-Powertrain) is “very close” to signing a contract with Apple. , producing its early electric vehicles.

On April 13, a person familiar with the matter told The Korea Times, “LG ​​Magna Electric Powertrain is about to sign a contract with Apple to be responsible for the initial mass production of Apple’s electric vehicles. The details of the contract are still under discussion.”

(Image credit: LG Electronics)

LG’s joint venture with Magna will be responsible for less production, as Apple primarily intends to assess its market value with its first-generation electric vehicles, according to sources. “The subsidiaries of LG Group include LG Display, LG Chem, LG Energy Solutions, and LG Innotek, etc., and these companies are already included in Apple’s component supply chain, so Apple does not need to worry about any supply chain issues. These LG subsidiaries The ability to guarantee production volumes and faster delivery of parts needed for Apple’s electric vehicles.”

LG declined to comment for this story.

After LG Electronics officially gave up its mobile phone business, the company is actively responding to rising investor demand to gain results from auto parts-related businesses. LG’s exit from the smartphone business could boost its profit margins, and the company could also invest the money saved by the smartphone exit into auto parts-related businesses.

Another source said, “As the LG brand is not very strong in the global EV industry, it needs a fairly competitive reference to showcase its transformation efforts. From this perspective, LG’s bet on Apple EVs does not It’s not that bad, and the same is true for Apple Cars.” The source added that the amount of cooperation between the two parties will not be large.

Once the agreement is reached, the two parties will work together to determine the relevant details of Apple’s electric car production, and Apple’s prototype will be announced in 2024.

Source: Gasgoo

Author: Zhan Ya’e

The Links:   CM800DU-12H AT080TN03-V1

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