California headquartered electronics giant, Apple will soon sign a memorandum of understanding (MoU) for the manufacturing of its electric vehicles in collaboration with a company. The production of the cars will take place via a joint venture between Apple and a company formulated by South Korean electronics giant LG, as well as automobile manufacturer Magna.
A South Korean newspaper in its report published that Apple is in process of signing contracts with LG Magna e-Powertrain with details being discussed among the relevant stakeholders. The newspaper reported that manufacturing of the electric vehicles by the Joint Venture will be limited, as in the case with Apple's initial smartphone offerings which were launched in limited numbers in partnership with Motorola before the Cupertino giant unveiled the iPhone.
Apple's intentions to foray into the electric vehicle market came to light in the year 2020 with the company expecting to come up with an offering by 2024. The company flagged off the development of its EV in the year 2014 by the name project Titan. The initiative at that time was being managed by Apple's long time employee, Doug Field.
The project to date has matured to an extent where Apple is eyeing partnerships for manufacturing, R&D and supply chain support.
The LG Magna e-Powertrain joint venture was incepted in the year 2020 by Magna and LG electronics to produce onboard chargers, e-motors and inverters for some auto manufacturers and amplify the growth of the electric vehicle's ecosystem.
LG in the Magna e-Powertrain venture comes as the majority stakeholder with 51 per cent of shares while Magna retains the remaining 41 per cent mentions autocarpro. The joint-venture firm is eyeing to employ a strong workforce of 1000 skilled professionals at locations across China, South Korea and the US. The company is awaiting necessary regulatory approvals and is expected to receive a trade approval by July this year.
LG in the Magna e-Powertrain venture comes as the majority stakeholder with 51 per cent of shares while Magna retains the remaining 49 per cent.