LG Electronics and Magna International Inc. are partnering to launch LG Magna e-Powertrain, which will be headquartered in Incheon, South Korea. The new company will develop powertrain components that offer automakers a scalable portfolio, from complete solutions enabling electrification and functionality to integrating intelligent operating software and controls in new e-drive systems. It will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems.
Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG vehicle component solutions company’s green business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D.
Javier Perez, who has been with Magna since 2016, will be the new company’s COO. He will be responsible for overseeing the day-to-day operations of the joint venture. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG Magna e-Powertrain, 18 of those years based in Asia.
The creation of the joint venture unifies Magna’s strength in electric powertrain systems and world-class automotive manufacturing, with LG’s expertise in component development for e-motors and inverters.