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Due to global shift in vehicle electrification, LG Electronics (LG) and Magna International Inc. (Magna) signed an agreement for joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea

  • The design, engineering and manufacturing synergies created by LG Magna e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification.
  • 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.

The prominent deals and expansions by Magna are mentioned below:

July 2021: Magna International to strengthen advanced driver assistance systems (ADAS) announced to acquire Veoneer for $3.3 billion. Veoneer, is a leader in automotive safety technology. Magna also plans to acquire Veoneer’s leading global position in restraint control systems

Aug 2020: The global auto component supplier Magna announced to expand its powertrain business with a new facility in Kechnec, Slovakia. The new 7,675-square-meter facility will be the first powertrain metal forming solutions plant for the company in Europe.

November 2019: Magna had agreed to acquire Wipac Czech s.r.o., a premium automotive lighting engineering firm located in Ostrava, Czech Republic. The transaction expands Magna’s engineering capabilities globally. Wipac Czech s.r.o.’s engineering team designs and develops automotive forward lighting, primarily for European exotic and luxury brands

October 2019: Magna had been awarded a grant by the U.S. Department of Energy (U.S. DOE) to develop and ‘auto-qualify’ advanced electric motor technologies for next-generation vehicle propulsion systems. In partnership with the Illinois Institute of Technology and University of Wisconsin-Madison, Magna applied its powertrain, electronics and full-vehicle expertise to deliver an automotive-grade, high-performance electric motor that aims to achieve increased power density and reduced cost compared to current e-motors.

August 2019: Magna celebrated the opening of a new electronics manufacturing facility in Grand Blanc Township, Michigan. The facility consolidates three nearby locations into a single state-of-the-art facility that combines 21st-century manufacturing with people-first workplace design and functionality.

About Magna International
Magna International is a Canadian automotive supplier headquartered in Aurora, Ontario. It is a leading global supplier with 347 manufacturing facilities and 89 product development, engineering and sales centres in 28 countries. Magna International is one of the largest automobile parts manufacturer in North America by sales of original equipment parts and one of Canada’s largest companies. The company has more than 168,000 entrepreneurial-minded employees across the world.

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