Apple Likely To Pick LG-Magna JV For EV Project
The smartphone manufacturer is set to decide on its partners who will undertake manufacturing of its electric car.
Apple looks set to grant LG-Magna joint venture the contract to manufacture its EV model which is expected to debut in 2024.
Tentatively named LG Magna e-Powertrain, the entity formed through the joint venture is said to be very near to signing contracts with Apple, even as contract details are still being discussed.
When the entities reach an agreement, relevant details for the production of the Apple EV will be established. LG Magna e-Powertrain could well be building first-generation models of the proposed Apple EV which could be used by the smartphone maker to evaluate their marketability.
Valued at $1 billion (Rs. 7500 crores), LG Magna e-Powertrain (LG will own 51 percent stake and Magna, the rest and transaction is expected to close in July) will manufacture electric motors, inverters and onboard chargers.
An advantage that Apple would gain in picking the LG-Magna joint venture is the fact that LG Group affiliates including LG Chem, LG Display, LG Energy Solution and LG Innotek are already included in the Californian firm’s parts supply chain, thus doing away with supply chain-related issues.
LG Electronics, on the other hand, is bound to provide an answer to its investors who want the firm to produce results from vehicle component-related businesses, since it has abandoned its handset venture.
If things go according to plan, the world will get to see the first teaser of the Apple EV by early 2024.
Source – m.KoreaTimes.co.kr