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LG and Magna Announce Joint Venture, Paving the Way for Apple Car Production

Very little has been said about the progress made by Apple in its automotive project lately, but a recent joint venture announced by Magna and LG is likely good news for the Cupertino-based tech giant.
The new company will be headquartered in South Korea 8 photos
Photo: Magna
Apple iCar conceptApple iCar conceptApple iCar conceptApple iCar conceptApple iCar conceptApple iCar conceptApple iCar concept
The new partnership, which has led to the creation of a new company called LG Magna e-Powertrain, will be specifically focused on the manufacturing of electric powertrains, inverters, chargers, and e-drive systems.

The company will be led by CEO Cheong Won-suk, who’s been with LG for over two decades, and COO Javier Perez, a Magna veteran that will oversee day-to-day operations.

Leaving aside the official details shared by the two companies, what does this joint venture have in common with the Apple Car and why is it so important for the iPhone maker?

We’ve known for a while Apple is developing its very own self-driving EV, but the company has been having a hard time finding someone to manufacture its car.

Naturally, Apple originally reached out to traditional carmakers for the job, but after failed talks with Hyundai and a series of other companies, the tech giant started considering other options as well. Including a possible collaboration with long-time partner Foxconn but also a deal with a new joint venture formed by LG and Magna.

Earlier this year, the manufacturing deal between Apple and the new JV was said to be just a matter of time, with people familiar with the matter indicating LG and Magna planned to finalize the terms of their collaboration by the summer.

As it turns out, this was indeed the plan, so now it remains to be seen if the newly-formed LG Magna e-Powertrain will indeed be in charge of making the Apple Car happen.

But even if it is, don’t expect any information on this front to make the headlines earlier than 2024 or 2025. Sources with knowledge of the matter said the Apple Car wouldn’t see daylight earlier than 2025 at the earliest, so for now, everything is very likely to remain unconfirmed.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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