Apple might partner with LG and Magna for EVs

Representational Purpose

The rumours of an Apple electric car, or at least an Apple-branded electric car, are now way too old to be taken seriously, but a new report from Korea claims to be having more information on the subject. Apparently, Apple has almost finalized a deal with LG Electronics (“LG”) and Magna International’s (“Magna”) joint venture to receive the necessary components for its EVs.

Just to remind, LG and Magna had announced a new joint venture (tentatively called LG Magna e-Powertrain) in December 2020 to supply e-motors, inverters and other related components to auto OEMs. LG as you might know has been a major supplier of battery cells for OEMs.

The report mentions a quote from “a source familiar with the issue” – “LG Magna e-Powertrain is very near to signing contracts with Apple under which they could handle the initial volume production of Apple EVs. Contract details are still being discussed.”

While we all know what LG now wants to do as it recently announced shutting down its smartphone business “to focus on growth sectors including EVs, IoT and B2B solutions”, Apple still remains tight-lipped.

If the deal gets sealed, the Apple EVs might come out of the Magna Steyr plant in Austria, where the G-Class, I-Pace, Z4 and Toyota Supra are being produced.

Source: Korea Times

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