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[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Electronics will strengthen cooperation with Magna International (Magna), a Canadian automotive parts company. LG Electronics and Magna established 'LG Magna e-Powertrain' (LG Magna), a joint venture (JV) that produces powertrains for electric vehicles in 2021.
LG Electronics Chief Executive Officer Cho Joo-wan visited the Magna booth at the motor show "IAA Mobility 2023" in Munich, Germany, on the 5th (local time) to discuss ways to cooperate with Magna Group executives, including Diva Ilunga, president of Magna Powertrain. Eun Seok-hyun, head of LG Electronics' Electronics (VS) business division (vice president), was also present.
LG Magna plans to build its first electric vehicle parts production plant in Europe in northeastern Hungary. Once the Hungarian plant is completed, LG Magna will have production bases in a total of four locations in addition to Incheon, Nanjing, China, and Ramos Ariaspe, Mexico.
LG Electronics and Magna are also pursuing strategic technical agreements to prepare for the future autonomous driving era from the beginning of this year. Magna's advanced driver assistance system (ADAS) and autonomous driving solutions will be added to LG Electronics' infotainment technology.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
