It has been rumored that Apple will cooperate with Kia Motors, and Kia will produce electric cars for Apple for a period of time. But with Hyundai and Kia formally vetoing, Apple’s car project has no more.
According to foreign media reports,
the Apple car project is expected to land. LG Electronics and Canadian auto parts supplier Magna International will establish a joint venture (tentatively named LG Magna e-Powertrain) to produce electric cars for Apple.
The report pointed out that LG Magna e-Powertrain will sign a contract with Apple in the near future. According to the content of the contract, the company will produce the first-generation Apple cars for Apple. At present, the specific details of the contract are under negotiation.
People familiar with the matter revealed that because Apple plans to evaluate its market share with the first generation of electric vehicles, the production volume handled by the LG Magna e-Powertrain will not be too much.
Since LG’s LG Display, LG Chem, LG Innotek
and many other subsidiaries are supplying parts for Apple, Apple does not have to worry about supply chain issues.
In addition, because the LG brand’s strength in the global electric vehicle field is not strong, LG also hopes to bet on Apple, trying to further expand its position in the electric vehicle field through Apple cars.
Once a cooperation agreement with Apple is reached, the two parties will jointly determine the production details of Apple’s first-generation electric car, and plan to complete the production and release of the prototype in early 2024.
It is reported that the investment scale of LG Magna e-Powertrain is about 1 billion U.S. dollars, which will be used to produce electric motors, inverters and on-board chargers. LG will hold 51% of the shares and Magna will hold 49% of the shares.
Currently, LG has not responded to this issue. However, as the company recently abandoned its mobile phone business, many investors demanded better performance in the auto parts-related business.