Apple EV to receive powertrain from LG-Magna JV
The Apple electric car could be driven by a powertrain supplied by LG Magna e-Powertrain – a joint-venture between LG Electronics & Magna International.
The development of an Apple EV has been in the news for quite some time. Now, fresh reports suggest that LG Electronics and Magna International (a Canada-based automotive supplier) have entered into a joint venture to supply the powertrain for Apple’s upcoming electric car.
The joint venture between the two companies, tentatively called ‘LG Magna e-Powertrain’, is said to be in talks with Apple, with the contract being ‘very near’ to signing. While the contract details are still being discussed, the JV could be tasked to handle the initial volume production of the Apple EV.
Reports also state that once the contract between Apple and LG Magna e-Powertrain is signed, a prototype of the electric car could be teased sometime in early-2024.
Talking about the joint venture, LG will own 51 per cent of the new company, with the remaining 49 per cent going to Magna International. The new JV company is said to be valued at US$ 1 billion and will manufacture e-motors, inverters and onboard chargers.
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