LG Electronics’ joint venture with Canada-based automotive supplier Magna International ― tentatively named LG Magna e-Powertrain ― is “very near” to signing contracts with Apple to build its early electric vehicle (EV) models, The Korea Times reports citing “a source familiar with the issue.”
The production volume the joint venture could handle won’t be that huge as Apple is mostly intending to use its first-generation EVs as an opportunity to evaluate their marketability, according to the source. “Because LG Group affiliates including LG Display, LG Chem, LG Energy Solution and LG Innotek are already included in Apple’s parts supply chain, Apple doesn’t have to worry about any supply chain issues. These LG affiliate are qualified to guarantee production yields and faster delivery of parts needed for Apple EVs.”
“As the LG brand is not that strong in the global EV industry, it needs a pretty competitive reference to show off its transformation efforts. From that standpoint, LG’s bet on the Apple EV is not that bad, and vice versa for Apple,” another source said, adding the monetary volume of the partnership wouldn’t be huge.
Once an agreement is made, the two parties will jointly establish relevant details for the production of the Apple EV, a prototype of which will be teased sometime in early 2024.
MacDailyNews Take: Way back in September 2016, it was reported that about a dozen Magna engineers were working with Apple’s Project Titan team in Sunnyvale to develop the Apple Car.