AURORA, ON—LG Electronics and Magna International Inc. have formed a joint venture to manufacture e-motors, inverters, on-board chargers and related e-drive systems to support the growing global shift toward vehicle electrification. LG Magna e-Powertrain will combine Magna’s strength in electric power train systems and world-class automotive manufacturing with LG’s expertise in component development for e-motors and inverters.

“The joint venture will enable [our] two companies to continue to grow [our] electric power train product offerings by leveraging existing technologies, engineering capabilities and global footprints,” says Swamy Kotagiri, president of Magna. “The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030, and the JV will target this fast-growing global market with a world-class portfolio.”