Quantcast
Jump to content

LG and Magna Sign Joint Venture Agreement and Announce Leadership Team


Recommended Posts

New Company to Fuse Magna’s and LG’s Electric Powertrain
Strengths to Accelerate E-Drive Component Development

LG-Magna-e-Powertrain-HQ.jpg

SEOUL, South Korea and AURORA, Ontario, Canada, July 28, 2021 – LG Electronics (LG) and Magna International Inc. (Magna) today signed the transaction agreement which establishes a joint venture between the two companies. The new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea and will be led by a strong management team.

Leading the new company will be CEO

link hidden, please login to view
, 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.

, who has been with Magna 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 Magna e-Powertrain, 18 of those years based in Asia.

The creation of the joint venture unifies Magna’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 Magna 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 Magna 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 Magna 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 Magna and LG to deliver a world-class portfolio of electric solutions,” said COO Perez. “Leveraging existing technologies, engineering capabilities and global footprints, LG Magna e-Powertrain seeks to enable advancements that help automakers achieve some of the biggest challenges ahead in electrifying their full vehicle lineups.”

LG Magna e-Powertrain will be made up of more than 1,000 employees in the United States, South Korea and China.

# # #

Link to comment
Share on other sites

  • Replies 0
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By Filip_IT
      Hello
      I have login issue on a brand new LG TV 55UR640S0ZD there I  want to create content with content manager and create Groups with Group Manager 2.0.
      I´m trying to login to Dashboard with chrome and Internet Explorer browser which is connected to wlan with IP address:
      link hidden, please login to view  Here it says to Input Password and I have tested
      0000
      000000
      00000000
      1157
      admin
      Without success, what is the default password?  
      I have reset the TV from Hotell mode menu and ordinary Menu to factory default but does it exist any other way to reset TV?
      How can I get access to my TV?
      All help is appreciated
      BR. Filip


       
    • By Lizzy
      I have set up a hard disc, that I can see in the home menu, but when I go to the guide and select the "i" it only gives me the option to watch. I am very new to smart television and I can't figure out how to correct this problem.
    • By Libbo2003
      Hi just got a new QNED LG to replace 2021 Nano tv
      the problem is I can’t move my HD channels down to  channels 1 to5.
      the program manager does not have the function to move channels like my old Nano tv which is only a year older.
      is there anyway I can get around this strange function?
    • By News Reporter
      LG Electronics North American Innovation Center Explores New Ideas to
      Accelerate for Innovation Program With Cohort Led by Digital Health

      LAS VEGAS, Jan. 5, 2023 — The LG Electronics North American Innovation Center – LG NOVA – has announced its new selection of companies in the
      link hidden, please login to view for innovative concepts and transformative solutions that create a positive impact on people and the planet. Selected from 2,170 submissions, these companies are joining the LG NOVA program to explore joint business creation with LG NOVA. A subset of these companies will be presented at the LG NOVA lounge in Eureka Park during CES® 2023 to visually showcase a vision of the future built with solutions centered on improving the quality of life for all. This year, LG received 752 applications focusing on digital health – lending confidence to a promising future in health and wellness technologies.
      “With 800 more submissions than our first search, we at LG NOVA are honored and inspired by the dedication of so many – through their innovative ideas and business concepts – to making a positive impact on the world, true to the goal of our Mission for the Future program,” said Dr. Sokwoo Rhee, LG Electronics Senior Vice President of Innovation and head of LG NOVA. “This new selection of companies and our growing LG NOVA universe demonstrate that there are solutions on the horizon with the goal of making the world a better place. We’re looking forward to working with these companies to accelerate their ideas to the broader market.”
      Attendees of Eureka Park at CES 2023 will get an inside look into LG NOVA’s unique model of innovation through outside-in collaboration, and learn about companies spanning LG NOVA’s focus tracks, including Digital Health, Display Solutions, Environmental-Social-Governance (ESG) & Electric Mobility, Metaverse & Gaming, Smart Lifestyle and Open Innovation.
      LG NOVA Mission for the Future 2022 companies are:
      Digital Health
      – a digital health benefits management platform that seeks to make healthcare simpler. – a mobile app that delivers clinically tested personalized sound therapies designed to maintain and restore hearing and provide relief from tinnitus. – a global digital therapeutic health company leveraging AI and its virtual care platform to prevent, treat and reverse chronic conditions, starting with  pre- and Type 2 diabetes and digestive health, while optimizing the physical and mental well-being of its patients. – an innovative digital program that delivers unlimited, live human coaching to your entire organization, reducing the cost of chronic conditions, increasing employee engagement and happiness and is 100 percent covered by insurance. – an integrated Virtual Care Management Platform using remote patient monitoring, chronic care management, AI-guided care coordination and more, that helps to manage chronic conditions remotely. – a virtual-first cardiology provider, delivering a range of clinical services, including same-day diagnostic reads, televisits and heart care programs for patients with atrial fibrillation, vascular diseases and heart failure. – scaling access to medical obesity care with full-service chronic disease management services using tech-enabled tools, including virtual care platforms that incorporate telehealth, clinical decision support, remote patient monitoring, online education tools and medical treatment approaches. – a leading online psychiatry practice specializing in women’s mental health. – a metabolic health company building the future of eating for wellness, longevity and weight loss for the middle aged. – using vital signs automation and patient engagement in HD to transform the patient intake experience. – provides healthcare practitioners and patients real-time solutions on how to screen, triage, track and manage skin cancers, skin diseases and skin wounds through artificial intelligence, data and automation. – develops digital therapeutics that combine AI, clinically-proven techniques and a mental health ally called Woebot to deliver mental health solutions that engage at scale and fit right into people’s lives.  Display Solutions
      – an innovative company in thin film electronics developing the next generation of high-performance integrated circuits for consumer and commercial electronics. – creates professional holographic display technology for natural 3D visual experiences. – a company specializing in the development of interactive technology solutions, including a mixed reality display which allows interaction with surroundings and provides no-code solutions to make interactive contents for display screens.  – a smart photo booth utilizing data capture and AR for engagement and distribution. – transforms glass facades into transparent video screens on which the content doubles as glare and climate control, combining immersive entertainment with sustainability and profitability. ESG & Electric Mobility
      – a sustainable thermal engineering company focused on re-engineering sustainable cooling. – a software, IoT and services platform designed to make it easy and cost-effective to deploy decarbonization improvements to mass-market  commercial and industrial customers. – a reliability management platform for EV charging stations. – a business-to-business software-as-a-service that tackles energy resources and waste at a household level.  – a technology platform making meaningful climate action a part of every business by providing carbon credit buyers with access to carefully vetted climate action projects. – a company focused on developing wind energy 2.0 through its energy drone that unlocks untapped wind resources at higher altitudes on-shore and in deeper waters off-shore. Metaverse & Gaming
       – a solution that enables Web3 ready, bi-directional broadcasting bridging physical and virtual environments, from websites to digital out-of-home experiences (DooH) to the metaverse. – a no-code XR authoring platform for the metaverse. – leverages the power of augmented reality and AI to create a personal expert for everyone. – a cloud streaming platform which enables enterprise use cases on XR devices like the Meta Quest for industries like telecoms, manufacturing, automotive and architecture. – accelerating the adoption of the premium metaverse by creating high-fidelity 3D worlds and immersive experiences that excite, engage and preserve culture. – makes using virtual and augmented reality as easy to use as a smartphone. – a spatial computing platform to power talent development and skills mobility for the future of work. Smart Lifestyles
      – patented, connected entertainment technology that allows virtually every app and device to connect to media at the push of a button. – a smart kitchen appliance that automatically introduces ingredients separately during cooking, while also stirring and controlling the temperature, just like a chef. – a software company that has developed emotional intelligence technology for digital assistants that enables more human-like interactions and improved personalization. (Li Creative Technologies, Inc.) – creates vivid, exciting and directional 3D audio solutions enabled by AI and VR. – develops a fully autonomous and accessible delivery robot, providing scalable solutions for first mile, curbside and last mile deliveries for airport, retail and restaurant industries. – an immersive and interactive edutainment platform utilizing AI, robotics and the metaverse. Open Innovation
       – embedded, digital-by-design, minimalist and wearable biosensors with the goal of sensing targeted molecules anywhere with a simple smartphone. – a venture-based company that uses AI and advanced robotics for automated experimentation to facilitate and accelerate materials discovery. – a software-as-a-service venture that provides “AI Guards” to security companies for crime prevention. The selected companies may have the opportunity to explore the development of joint solutions with LG NOVA, that deliver a better life for people and a better future for our planet. Following the exploratory phase, companies may be chosen for a pilot program or to develop the product or concept with LG NOVA and participating businesses within LG. Some may qualify for potential investments from LG Electronics, LG Display and other LG NOVA affiliates; and co-collaboration opportunities that may develop into multi-million-dollar engagements as new businesses within LG’s global innovation portfolio.
      For more information on the Mission for the Future and LG NOVA, please visit .
      # # #

    • By News Reporter
      Renowned Creative Director and Founder of STAPLE and Reed Art Department
      Curates Inspiring, Interactive Exhibit Furnished With LG’s Latest Lifestyle Solutions

      LAS VEGAS, Jan. 4, 2023 — LG Electronics (LG) is partnering with
      link hidden, please login to view, the famed New York-based designer known for his streetwear brand – STAPLE, his creative agency Reed Art Department – and numerous, high-profile collaborations with sneaker and fashion brands, to present the Creator’s Room at CES 2023. Designed in conjunction with Jeff and bearing his distinctive sensibilities, the Creator’s Room is a curated ‘living space’ fitted with stylish objects, artwork and LG’s latest lifestyle solutions. Located inside LG’s booth at CES, the Creator’s Room perfectly illustrates how the company’s premium home appliances can blend in with and enhance any lifestyle. The space also shows off the unique aesthetic that has made Jeff a favorite of streetwear fans and ‘sneakerheads’ the world over and includes some of his most-cherished items, such as limited-edition sneakers, figurines and art books.
      Supporting Jeff’s passion for shoes and adding to the hip, young vibe of the exhibit is a double row (2 x 5) of the LG Styler ShoeCase, a space-friendly solution for storing, displaying and caring for limited-edition footwear. Also seamlessly slotting into the space is the LG Styler ShoeCare, which leverages LG’s hygiene-enhancing TrueSteam technology to keep shoes fresh and looking their best. Additionally, both creative, cutting-edge products reflect the company’s commitment to good ESG management as their gloss exteriors are made entirely from recycled plastics.
      All of the advanced appliances on show in the Creator’s Room are compatible with the LG ThinQ app, which offers access to a range of features and personalized services that help create a more convenient and customized user experience. For example, the app can be used to change the color of the refrigerator with MoodUP, whose LED door panels present users with more than 190,000 possible color combinations to experiment with. The app also makes it possible to choose and change the image displayed on the ARTCOOL Gallery air conditioner’s integrated LCD screen, select from the different lighting colors and effects available for the ShoeCase, or remotely control the ShoeCare.
      “Designed in partnership with the legendary Jeff Staple, the Creator’s Room introduces the tailored lifestyle that can be achieved through LG’s new concept lifestyle solutions,” said Sookie Roh, vice president and head of LG Electronics Home Appliance & Air Solution brand communications. “We will continue to create aesthetically- and technologically-sophisticated solutions delivering a more customized user experience and a better life at home.”
      Visitors to LG’s booth (#15501, Las Vegas Convention Center, Las Vegas) at CES 2023 from January 5-8 will have the opportunity to experience the exclusive Creator’s Room collaboration with Jeff Staple as well as all of the company’s latest lifestyle innovations.
      # # #




×
×
  • Create New...