Let the Apple Car rumors roll on. Quoting unnamed sources, The Korea Times says LG Electronics’ joint venture with Canada-based automotive supplier Magna International (tentatively named LG Magna e-Powertrain) is “very near” to signing contracts with Apple to build its early electric vehicle (EV) models.
The production volume the joint venture could handle won’t be that huge as Apple is mostly intending to use its first-generation EVs as an opportunity to evaluate their marketability, the article adds “Because LG Group affiliates including LG Display, LG Chem, LG Energy Solution and LG Innotek are already included in Apple’s parts supply chain, Apple doesn’t have to worry about any supply chain issues,” says The Korea Times. “These LG affiliate are qualified to guarantee production yields and faster delivery of parts needed for Apple EVs.”
LG and Apple are no strangers. The former supplies displays for the latter in products such as the iPhone.
In December 2020, LG Electronics and Magna International announced a joint venture (JV) to manufacture e-motors, inverters and on board chargers and, for certain automakers, related e-drive systems to support the growing global shift toward vehicle electrification. LG has established experience in the development of electric vehicle components most notably for the Chevrolet Bolt EV and Jaguar I-PACE. Magma specializes in electric powertrain systems and automotive manufacturing.