Apple [NSDQ:AAPL] may turn to a partnership between electronics giant LG and automotive supplier Magna International for help developing a car. The Korea Times reported on Tuesday.
Citing someone familiar with the matter, the Korean newspaper reported that Apple was “very close” to signing a joint venture agreement between LG and Manga to supply electric drives for the car.
The $ 1 billion joint venture known as LG Magna e-Powertrain combines LG’s expertise in electric vehicle components (the company has already supplied components for Chevrolet and Jaguar electric vehicles) with expertise from Magna in powertrain development and vehicle manufacturing. It was only launched last December, so Apple may be one of its first customers.
According to reports, Apple is currently looking for vehicle powertrains to be used for market assessment purposes only. As a result, the partnership’s monetary volume will not be significant, a separate source said The Korea Times.
Apple isn’t sure yet whether it actually plans to bring a car to market. However, there are reports that the company has spoke to established automakers on signing as a contract manufacturer for a car. The company was too Filed several patents in recent years related to cars and driving.
LG Magna e-Powertrain
In January, Hyundai Motor Group confirmed it was in talks with Apple about building a car for the company, however These conversations came to an end the following month without an agreement.
Apple could of course reach an agreement with another automaker. Even Foxconn, which makes the iPhone for Apple, could be an option. It teamed up with Geely in January form a joint venture that will commission the manufacture of cars. Foxconn also presented its last fall own modular EV platform.
Magna could also be an option as there is a contract manufacturing company in Austria. The company, called Magna Steyr, has built several cars for various automakers and developed a modular EV platform that already existed selected by Fisker for its upcoming ocean crossover. Magna will also build the Fisker Ocean.
In March, Magna CEO Swamy Kotagiri said he was open to starting a new contract manufacturing company in North America to build cars, including possibly an Apple car.
Apple is believed to be preparing its car for a unveiling in 2024. However, it may not be something that is sold directly to the public. In February, a report claimed the car would be a self-driving vehicle Developed for “last mile” toursThis suggests that it is some kind of autonomous shuttle or delivery truck.