Leading the company will be CEO
The joint venture unifies Magna's electric powertrain systems and automotive manufacturing, with LG's component development for e-motors and inverters.
The design, engineering and manufacturing created by LG Magna e-Powertrain could enable both companies to react to market trends and capitalize on the shift toward vehicle electrification.
"Partnering with Magna enables LG to scale-up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation," Cheong said in the press release. "The integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market."
By 2030, the market for e-motors, inverters, and electric drive systems is expected to see major growth, according to Perez.
"Our joint venture company brings together experts from Magna and LG to deliver a world-class portfolio of electric solutions," Perez said in the press release. "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."
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