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LG Officially Announces Its Entry Into The Electric Car Market. The Company Will Operate In The Automotive Sector With Magna International
LG, one of the giants of smartphone technology, is always attentive to what the market desires, as evidenced by the company’s announcement a few months ago regarding the purchase of Magna International, a Canadian company that supplies parts for the automotive sector worldwide and has fully entered the automotive market for manufacturing components for electric cars.
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LG Retires From The World of Smartphones and Ventures Into Electric Cars
Although the acquisition of the automotive company may seem obvious, only now has LG confirmed its interest in the automotive market. The company’s plans, along with Magna, are to manufacture components for electric cars, which may range from inductive chargers and multimedia centers to complete electric motors.
It is worth noting that the Canadian automotive company also has partnerships with automakers such as Ford, GM, and BMW. According to Nikkei, LG and Magna’s first project will be an electric motor named LG Magna e-Powertrain.
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The electric motor will initially be manufactured in Incheon, South Korea, but there is a likelihood that factories will be built in Michigan/USA and Nanjing/China to serve the electric automotive sector in their respective regions.
LG Will End Smartphone Production
LG acquired 51% of Magna and, with the confirmation, will begin operations this July. It is worth remembering that this will also be the same month that LG intends to finalize its smartphone production.
After years of losses, LG officially announced at the beginning of April that it plans to exit the smartphone market. The company informed the press, through a statement, that it would cease smartphone production at its factory in Haiphong, Vietnam. The location was closed and will be adapted to become an appliance factory.
LG In The Electric Car Automotive Market
The merger with Magna is not LG’s first venture into the electric car market. This division has existed since 2013, but it was only in 2018, also looking towards EVs, that the company announced the acquisition of ZKW, an Austrian car headlight manufacturer.
At that time, the Asian company defined that its strategy in the electric car market would mainly consist of central multimedia headlights (mentioned earlier), which include audio and navigation systems and other components for vehicles.
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