Kwon Bong-seok, President of LG Electronics, "We Will Become a Leading Company in Automotive Parts and Solutions"

Magna International Press Event Appearance

Kwon Bong-seok, President and CEO of LG Electronics

[Asia Economy Reporter Ki-min Lee] Kwon Bong-seok, CEO of LG Electronics, said on the 11th (local time), "Our goal is to become one of the leading suppliers of automotive parts and solutions in the industry."

On the same day, Kwon appeared at the press event of Magna International, a Canadian automotive parts company, held online at the world's largest IT and home appliance exhibition 'CES 2021,' stating, "At LG, we say the automotive industry is one of the core drivers of our future business portfolio." Last month, LG Electronics announced a partnership to establish a joint venture, 'LG Magna e-Powertrain,' to produce electric vehicle powertrains with Magna.

Kwon emphasized, "I truly believe that through the joint venture with Magna, we are well prepared to achieve this goal in the electric vehicle and connected car sectors." He added, "The electric vehicle and clean energy vehicle markets are expected to grow exponentially, and LG has been developing related components such as motors and inverters."

Kwon said, "The joint venture will combine the strengths of both companies to benefit," explaining, "LG will provide capabilities related to electricity, and Magna will provide fundamental automotive system expertise." He expressed confidence, saying, "I am sure that the combined synergy will pave the way for more innovation that will benefit the entire industry," and added, "As an extension of LG's vision of 'Innovation for a Better Life,' the joint venture will be a shining example of a true innovative partnership in the electric vehicle industry."

Swami Kotagiri, CEO of Magna, said, "Together with LG, we will target the rapidly growing global electric vehicle powertrain market." Kotagiri emphasized that this joint venture "combines Magna's capabilities in electric vehicle powertrain systems and manufacturing with LG's expertise in developing components for e-motors and inverters, advancing the position of both companies in the electric vehicle powertrain market."

Kotagiri expressed confidence, stating that e-motors, inverters, and electric drive subsystems will grow tremendously between now and 2030, saying, "There are many opportunities." He explained, "By combining our strengths, we will secure investment efficiency and speed of market access with synergy that allows us to achieve more."

This content was produced with the assistance of AI translation services.