Apple’s Electric Cars May Be Manufactured by Multinational LG

Searching For Partners To Contribute To Their Journey Of Electric Cars, Apple Travels To South Korea And Holds “Secret” Meetings With The Multinational LG, Which Has Just Entered The Automotive Industry

The famous Apple is searching for partners for its new journey in the electric car automotive industry, and according to reports, a team of employees from the tech company visited South Korea on a trip to meet with companies like the multinational LG, Hanwha, and SK. The reports also state that the American company is looking for battery suppliers to start manufacturing its electric cars in the United States.

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A Possible Deal Between Apple and LG

According to The Korea Times, a source within the American company reportedly confirmed the negotiations, which are still in the early stages. Apple employees were in South Korea to negotiate with local partners in the display and semiconductor sectors.

As seen in its smartphone sector, the company is looking for partnerships to fuel its electric car business. Without partnerships with Korean suppliers, the American company will not be able to proceed with its business plan in the electric car industry.

Apple is considering using lithium iron phosphate battery in its future line of cars, which are currently produced by Korean companies such as the multinational LG.

Experts Point Out The Reason For Choosing South Korea

Besides being home to major tech companies, like the multinational LG, the country specializes in lithium iron batteries, as mentioned before. These batteries are a great alternative for electric cars and as Apple wants to build a vehicle that is not only autonomous but also electric, it makes even more sense for the American team to focus on components that are not currently far away.

Although it has already alerted its shareholders and investors that it wants to build these batteries and also the vehicles in the U.S., Apple also considers it essential to look for other options for components that are naturally used in the electric car sector.

An example of this is General Motors, which is betting on Ultium batteries. The market expectation is that Apple will launch its autonomous vehicle in 2025.

LG In The Electric Car Market

If the rumors are confirmed, it indicates that Apple will have an even more surprising outcome, as LG announced months ago its entry into the electric car sector.

Not only that, the multinational has already closed a partnership with Hyundai for the production of batteries for electric vehicles in Indonesia. The two Korean companies plan to invest a total of US$ 1.1 billion in creating a new company, with equal participation from both, building a factory in Karawang. Thus, the local government will grant various incentives to the factory.

The LG factory with Hyundai will have an area of 330,000 m², and its construction will begin later this year, with an expected completion date in 2023. The company has the capacity to produce enough batteries to power up to 150,000 electric cars. According to the multinational, Indonesia was chosen because it is one of the largest producers of nickel. Additionally, local authorities show great interest in investments and incentives in the sector.