Despite early rumors that Hyundai was set to finalize a deal, reports are now noting that LG Magna is now close to securing Apple‘s electric vehicle project. The joint venture between South Korean LG Electronics and Canadian automotive supplier Magna International started December, 2020 has quickly risen in the EV industry with its inventive LG-Magna e-Powertrain already valued at $1 billion USD.
According to a source, “LG Magna e-Powertrain is very near to signing contracts with Apple under which they could handle the initial volume production of Apple EVs. Contract details are still being discussed.” The deal would simplify Apple’s push into the EV realm as LG Group affiliates (LG Display, LG Chem, LG Energy Solution, LG Innotek) are already into the Cupertino tech company’s supply chain. Meaning Apple will not have to worry about the supply of parts and production yields, shifting more of its focus on the marketability of the new venture.
Pending an LG shareholders meeting, if all conditions are met, LG Magna will be assigned to manufacture e-motors, inverters and onboard chargers for Apple’s EV project. It is also important to note that Magna has said in the past that it has the capability to assemble vehicles at a plant in North America if it is contracted to do so. Insiders are now expected Apple to unveil a prototype sometime in early 2024.