Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canadian automotive technology company Magna International and South Korea’s LG Electronics signed an agreement for a joint venture named LG Magna e-Powertrain, headquartered in Incheon, South Korea, and will have new leadership. 


The new company is expected to have over 1,000 employees across the US, China, and South Korea.


Cheong Won-Suk will be the new chief executive officer for the new company. Won-Suk has been with LG for over 20 years and has served in various senior management roles. Javier Perez will be LG Magna e-Powertrain’s new chief operating officer. He has been with Magna since 2016 and brings close to 25 years of experience in automotive manufacturing and quality control. 


LG Magna e-Powertrain will manufacture e-motors, inverters, and onboard chargers for some automotive companies. Magna’s strength in electric powertrain system and automotive manufacturing will be enhanced with LG’s expertise in component development for e-motors and inverters, Magna stated. 


Between now and 2030, the market for this mode of transport is expected to increase significantly, especially as the world shifts towards vehicle electrification. This joint venture will enable both companies to leverage this trend. 





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