LG Electronics and Magna international have announced a partnership concerning the development and manufacture of electric motors, inverters and onboard chargers. This cooperation will support specific car manufacturers as the trend for electric vehicles is now constantly increasing. So more and more companies are entering the field of electrification where there is expected to be a plethora of new technologies in the coming years.
LG Magna e-Powertrain is the name of the new company and it is this collaboration that leverages Magna’s strengths in electric motor systems as well as all LG’s know-how to invade dynamically in the field of electrification. The market for electric motors and the systems that accompany them is expected to have significant growth by 2030 and the consortium is aiming for this new global challenge.
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On the other hand, LG has extensive experience with components for electric vehicles such as the Chevrolet Bolt EV and the Jaguar I-Pace. Magna will contribute to the integrated software systems in order to successfully carry out this project. More than 1000 employees are expected to work at LG’s facilities in the United States, South Korea and China.