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Magna (MGA)-LG Electronics JV to Spur Electrification Efforts
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Magna International (MGA - Free Report) has inked a joint venture (JV) deal with South Korea-based LG Electronics to develop e-motors, inverters, on-board chargers, and related e-drive systems as automakers are fast shifting gears to electric amid mounting climate concerns as well as rapid digitization. In a bid to adapt to the changing industry dynamics, the firm is actively focusing on innovation and technology development to cater to the auto industry’s electrified future.
The JV, which is tentatively named LG Magna e-Powertrain, will help the firms expand their electric powertrain offerings by capitalizing on existing engineering expertise and technological capabilities. Magna’s proficiency in electric powertrain systems and top-notch automotive manufacturing will complement LG Electronics’ strength in component development for e-motors, as well as inverters. LG Electronics will enable Magna to accelerate its time to market and manufacturing scale, while the latter will bring software and system integration competencies to the JV. The collaboration will not just boost product offerings but also lead to various commercial, financial and operational synergies. Contingent to necessary regulatory conditions and shareholders’ approval, the transaction is set to close in July 2021.
Magna has an impressive track record of being a company that major automakers can rely on when they need to boost manufacturing capacity or anchor design, engineering and supply chain expertise. The company recently collaborated with Fisker, Inc. for Ocean SUV production to meet future mobility needs of the latter by lending its vehicle engineering and manufacturing capabilities.
Magna currently sports a Zacks Rank #1 (Strong Buy). The company managed to surpass earnings estimates in each of the trailing four quarters, with an average surprise of 20.8%. The Zacks Consensus Estimate for 2021 earnings and sales points to year-over-year growth of 99.8% and 19.3%, respectively. Other stocks in the same industry flaunting a Zacks Rank #1 include BRP Inc. (DOOO - Free Report) , LCI Industries (LCII - Free Report) and Visteon Corporation (VC - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
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Magna (MGA)-LG Electronics JV to Spur Electrification Efforts
Magna International (MGA - Free Report) has inked a joint venture (JV) deal with South Korea-based LG Electronics to develop e-motors, inverters, on-board chargers, and related e-drive systems as automakers are fast shifting gears to electric amid mounting climate concerns as well as rapid digitization. In a bid to adapt to the changing industry dynamics, the firm is actively focusing on innovation and technology development to cater to the auto industry’s electrified future.
The JV, which is tentatively named LG Magna e-Powertrain, will help the firms expand their electric powertrain offerings by capitalizing on existing engineering expertise and technological capabilities. Magna’s proficiency in electric powertrain systems and top-notch automotive manufacturing will complement LG Electronics’ strength in component development for e-motors, as well as inverters. LG Electronics will enable Magna to accelerate its time to market and manufacturing scale, while the latter will bring software and system integration competencies to the JV. The collaboration will not just boost product offerings but also lead to various commercial, financial and operational synergies. Contingent to necessary regulatory conditions and shareholders’ approval, the transaction is set to close in July 2021.
Magna has an impressive track record of being a company that major automakers can rely on when they need to boost manufacturing capacity or anchor design, engineering and supply chain expertise. The company recently collaborated with Fisker, Inc. for Ocean SUV production to meet future mobility needs of the latter by lending its vehicle engineering and manufacturing capabilities.
Magna currently sports a Zacks Rank #1 (Strong Buy). The company managed to surpass earnings estimates in each of the trailing four quarters, with an average surprise of 20.8%. The Zacks Consensus Estimate for 2021 earnings and sales points to year-over-year growth of 99.8% and 19.3%, respectively. Other stocks in the same industry flaunting a Zacks Rank #1 include BRP Inc. (DOOO - Free Report) , LCI Industries (LCII - Free Report) and Visteon Corporation (VC - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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