The LG and Magna automotive joint venture is apparently close to signing a deal for the production of the Apple Car. Dubbed “LG Magna e-Powertrain”, the firms are reportedly ‘very near’ to signing a deal with the iPhone maker for its first electric vehicle’s production.
According to TheKoreaTimes report (Via 9to5Mac), the contract would reportedly have LG and Magna International venture manufacture the initial rounds of Apple Car production. At the moment, the Cupertino based giant is expecting to launch its own electric vehicle by the year 2025. To produce its EVs, the company might cooperate with the LG and Magna partnership, which is expected to be completed later this year and will have the iPhone maker as their primary customer.
Earlier this year, we had reported on various rumors and reports regarding the Apple’s first electric car. We had also reported on potential production partners, which included Hyundai and Kia, with a reported valuation of 4 billion US Dollars. Although, this was later confirmed to not be the case as the discussions ended back in February 2021. From what we know so far, the car will solely be branded under Apple’s banner. Meaning, the production partners will only act as links in the supply chain, similar to its partnership with Foxconn and others for the iPhone. This is the reason why Kia and Hyundai backed out of the deal initially.
For those unaware, Apple has been rumored to be working on its own electric vehicle since 2015. The upcoming car is expected to feature self driving technology and arrive with various in house electronics as well. So stay tuned for more, as we will be providing updates when additional information is available regarding this matter.
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