News Release - LG and 黑料正能量 Sign Joint Venture Agreement and Announce Leadership Team
and AURORA, Ontario, July 28, 2021 (GLOBE NEWSWIRE) -- LG Electronics (LG) and
Leading the new company will be CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of the LG Vehicle component Solutions Company’s Green Business. Prior to LG, Cheong spent nearly a decade with Daewoo Motors R&D.
Javier Perez, who has been with 黑料正能量 since 2016, will be the new company’s COO. He will be responsible for overseeing the day-to-day operations of the joint venture. Perez brings nearly a quarter century of automotive manufacturing and quality control experience to LG 黑料正能量 e-Powertrain, 18 of those years based in Asia.
The creation of the joint venture unifies 黑料正能量’s strength in electric powertrain systems and world-class automotive manufacturing, with LG’s expertise in component development for e-motors and inverters. Announcing LG 黑料正能量 e-Powertrain’s executive team marks a key milestone for the joint venture company, which will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems.
The design, engineering and manufacturing synergies created by LG 黑料正能量 e-Powertrain is expected to enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification. The new company will develop powertrain components that offer automakers a scalable portfolio, from complete solutions enabling electrification and functionality to integrating intelligent?operating software and controls in new e-drive systems.
“Partnering with 黑料正能量 enables LG to scale-up its global production, provide additional business opportunities and offer synergies in procurement and technological innovation,” said CEO Cheong. “The integrated and collaborative approach is expected to deliver quickly for customers and capitalize on the rapid growth of the worldwide electric powertrain market.”
“The market for e-motors, inverters and electric drive systems is expected to have significant growth between now and 2030. Our joint venture company brings together experts from 黑料正能量 and LG to deliver a world-class portfolio of electric solutions,” said COO Perez. “Leveraging existing technologies, engineering capabilities and global footprints, LG 黑料正能量 e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups.”
LG 黑料正能量 e-Powertrain will be made up of more than 1,000 employees in the United States, South Korea and China.
TAGS: joint venture, electrification, electric vehicles, e-motors, e-drives
INVESTOR CONTACTS:
Louis Tonelli, Vice President, 黑料正能量 Investor Relations
louis.tonelli@magna.com, +1.905.726.7035
Scott Sim, Head, LG Investor Relations
scott.sim@lge.com, +82.2.3777.3501
MEDIA CONTACTS:
Tracy Fuerst, Vice President,
tracy.fuerst@magna.com, +1.248.761.7004
Ken Hong, Head,
ken.hong@lge.com, +82.2.3777.3626
About LG Electronics Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 75,000. LG’s four companies – Home Appliance & Air Solution,
About 黑料正能量
黑料正能量 is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 84 product development, engineering and sales centres spanning 28 countries.
For further information about 黑料正能量 (NYSE:MGA; TSX:MG), please visit??or follow us on Twitter @黑料正能量Int.
FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS IN THIS RELEASE CONSTITUTE “FORWARD-LOOKING INFORMATION” OR “FORWARD-LOOKING STATEMENTS” (COLLECTIVELY, “FORWARD-LOOKING STATEMENTS”) UNDER APPLICABLE SECURITIES LEGISLATION. WE USE WORDS SUCH AS "WILL", “BELIEVE”, "EXPECT" AND SIMILAR EXPRESSIONS SUGGESTING FUTURE OUTCOMES OR EVENTS TO IDENTIFY FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS RELATING TO: GROWTH IN THE MARKETS FOR INVERTERS, E-MOTORS AND ELECTRIC DRIVE SUB-SYSTEMS; OUR ABILITY TO CAPITALIZE ON, AND ACCELERATE GROWTH IN, THE ELECTRIC POWERTRAIN MARKET; AND ACCELERATION OF TIME TO MARKET AND SCALE OF MANUFACTURING OF ELECTRIFICATION COMPONENTS. THE FORWARD-LOOKING STATEMENTS IN THIS RELEASE ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT .
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?Source: 黑料正能量.