LG Electronics will launch LG Magna ePower Train, a joint venture with Magna International, in the second half of this year, and the company is expected to have sales in earnest from 2024.
Regarding LG Magna at the first-quarter earnings conference call of the 29th, LG Electronics said, "Considering the project order and the lead time of the automobile business, sales and profits will occur in earnest after 2024."
At the end of last year, LG Electronics decided to set up 'LG Magna ePower Train', a powertrain joint venture with Magna International, the world's third-largest auto parts maker.
It is expected to produce electric vehicle powertrain optimized for 250 kilowatt output (338 horsepower), which will be officially released in July.
"The size of the electric vehicle parts market is expected to grow 35% annually by 2025 from 10 trillion won last year," the company said. "LG Magna is expected to have an average annual sales growth rate of 50% by 2025."
Reporter Lee Ji-sun stockmk2020@gmail.com
