LG and Canadian car manufacturer Magna International have formed a joint venture company called LG Magna Electronics Powertrain or LG Magna e-Powertrain. According to the latest reports, Apple and LG Magna e-Powertrain are preparing to produce Apple electric vehicles.
LG Magna e-Powertrain is very close to signing a deal with Apple. The company will be responsible for mass production of Apple’s electric vehicles. The details of the contract are still being discussed.
Anonymous source
It is reported that initially the power of electric vehicles will not be very large. This is because Apple plans to use first-generation electric vehicles to assess market demand.
Since LG Group subsidiaries including LG Display, LG Chem, LG Energy Solution and LG Innotek are keyed into Apple’s parts supply chain, the company doesn’t need to worry about any supply chain issues. These LG divisions can guarantee the production and fast delivery of parts and components required for Apple vehicles.
Anonymous source
With LG’s decision to close its smartphone division, the company will have more funds to invest in the automotive business.
LG and Apple declined to comment.
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