LG Electronics and Magna International’s joint venture held talks with Stellantis, the world’s fourth largest automobile maker, to supply electric car components, TheElec has learned.
Those at LG Magna e-Powertrain and Eujin Platform, its supplier, held talks with those at Stellantis, including an executive overseeing quality control, met last week, people familiar with the matter said.
The pair talked about electric vehicle components in their discussions, the people said.
Stellantis in July said it plans to spend US$30 billion euros in electric vehicles by 2025. The car giant is aiming to have over 70% of vehicles sold in Europe be electric vehicles by 2030 and over 40% for those sold in the US.
A Stellantis spokesperson said the company had been collaborating with LG Electronics since two years ago in electric vehicle components.
The car giant has a team in South Korea overseeing this collaboration and it was outsourcing its need to LG Electronics, they said.
LG Magna e-Powertrain will likely supply Stellantis with inverter power modules.
Eujin Platform is a wholly owned subsidiary of Eujin Winsys, an electronics retailer, owned by the members of the Koo family, who also owns LG Group. Eujin branded companies are part of Haengsung group.
Haengsung affiliate Eujin Winsys’ two largest shareholders are children of Huh Meng, a family member of GS Group founder Huh Man-jung, who co-founded LG Group.
Haensung affiliates have collaborated with LG Electronics and LG Display for a long time. Haensung Digital was a surface mount technology partner for LG Electronics’ mobile business. The company is also supplying printed circuit board assembly and power inverter modules to LG Electronics’ vehicle solutions business since 2017. Eujin Platform has taken over Haesung Digital’s business recently.
Eujin Platform’s main product is inverter power modules. The component changes direct current into alternative currents in electric car motors. The company has the technology to offer modules to control 10,000rpm.
Eujin Platform will supply LG Magna e-Powertrain with the modules, and the joint venture with supply them to Stellantis, a person familiar with the matter said.
LG Magna e-Powertrain’s collaboration with the car giant will lead the latter to more collaboration with LG Electronics itself, the person said.
