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York Region Headquartered Magna and LG Sign Joint Venture Agreement and Announce Leadership Team

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.
Categorized in: Automotive & Auto Tech, Partnerships Posted on: Last updated on: Written by:
Magna and LG logo on image of city skyline with computer designed car

LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team.

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.

Full Article: newswire.ca