Canadian supply giant Magna International touted its new joint venture with LG Electronics at CES on Monday.
The joint venture, announced in December and tentatively called LG Magna e-Powertrain, will supply e-motors, inverters and on-board chargers immediately to General Motors and Jaguar Land Rover.
Magna's powertrain electrification portfolio is prepared to accommodate different customers in the transition from internal combustion vehicles, CEO Swamy Kotagiri said at the company's press conference.
"At Magna, we are well positioned to support established automakers as well as new entrants with all aspects of mobility," Kotagiri said.
The LG deal furthers that strategy, said Kotagiri, who took the helm of the company at the start of the year following the retirement of Don Walker.
"By combining our strengths, we gain investment efficiency and speed to market with synergies to achieve more," he said. "There is a lot of opportunity that exists."
The JV is an example of a "true innovation partnership," and it fits into LG's strategy to supply the auto industry, said Brian Kwon, CEO of LG Electronics.
"We see the automotive business as one of the key drivers of our future business portfolio," Kwon said. "Our aim is to be one of the industry's leading suppliers of automotive components and solutions.
"With the joint venture with Magna, I truly believe that we are well positioned to achieve this goal in the areas of electric and connected vehicles."
Magna is expected to talk more on the JV and sustainability throughout the week.
Magna International ranks No. 3 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $39.43 billion in 2019.