LG Electronics President Jo Joo-wan Strengthens Cooperation by Visiting Magna at IAA Exhibition Hall

by Park Sunmi

Published 06 Sep.2023 10:00(KST)

President Jo Joo-wan Meets with Diva Ilunga Magna President

LG Electronics is strengthening its cooperation with Magna, one of the world's leading automotive parts companies.


On the 5th (local time), LG Electronics announced that President Jo Joo-wan visited Magna's booth at the 'IAA Mobility 2023' exhibition held in Munich, Germany, to discuss ways to enhance cooperation between the two companies. President Jo, along with Vice President Eun Seok-hyun, who is in charge of the Vehicle Components (VS) Business Division, met with Diba Ilunga, President of Magna Powertrain, to brainstorm various collaboration plans in the vehicle components business.

LG Electronics President Jo Joo-wan visited the Magna booth at the "IAA Mobility 2023" exhibition held in Munich, Germany, on the 5th (local time) to discuss various collaboration plans for the automotive components business. (From left) Marcus Knabel, Senior Marketing Manager at Magna International; Jorg Gottendorst, Senior Vice President; Eun Seok-hyun, Vice President and Head of LG Electronics VS Business Division; CEO Jo Joo-wan.

LG Electronics President Jo Joo-wan visited the Magna booth at the "IAA Mobility 2023" exhibition held in Munich, Germany, on the 5th (local time) to discuss various collaboration plans for the automotive components business. (From left) Marcus Knabel, Senior Marketing Manager at Magna International; Jorg Gottendorst, Senior Vice President; Eun Seok-hyun, Vice President and Head of LG Electronics VS Business Division; CEO Jo Joo-wan.

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Earlier, LG Electronics and Magna's joint venture, LG Magna e-Powertrain (hereafter LG Magna), announced at the IAA press conference that they will establish an electric vehicle parts production plant in northeastern Hungary to accelerate global business expansion. Once the new plant, Magna's first in Europe, is completed, LG Magna will operate a total of four plants, including those in Incheon, South Korea; Nanjing, China; and Ramos Arizpe, Mexico.


Since early this year, LG Electronics and Magna have been pursuing strategic technological cooperation to prepare for the future autonomous driving era. The strategy is to integrate LG Electronics' world-class global infotainment technology with Magna's ADAS (Advanced Driver Assistance Systems) and autonomous driving-related solutions to respond to the upcoming autonomous driving era.


LG Electronics is expanding its presence in the global automotive parts market based on balanced growth in three core businesses considered key technologies for the future mobility era: ▲vehicle infotainment systems (VS Business Division), ▲electric vehicle powertrains (LG Magna e-Powertrain), and ▲vehicle lighting systems (ZKW).



President Jo Joo-wan said, "Through collaboration with Magna, we will strengthen our position in the global vehicle components market and actively respond to the future mobility era, including electric vehicles and autonomous vehicles."