Apple is rumoured to be very close to signing a deal with LG and Magna’s joint EV automotive project called the “LG Magna e-Powertrain,” according to a report from The Korea Times.
The deal would reportedly result in LG and Magna manufacturing the initial round of the Apple Car that is expected to enter production in 2025. The agreement will reportedly be completed later this year, says the report.
The report says that Apple will tap LG for its electric powertrain design developed in partnership with Magna, with the latter company handling the actual vehicle manufacturing.
The flurry of speculation surrounding Apple’s often-rumoured electric vehicle project has been difficult to follow over the last few months. Earlier this year reports emerged that Kia and Hyundai were working on a deal with Apple valued at $4 billion USD (about $5 billion CAD).
However, following Hyundai publicly mentioning it was in talks with Apple during an earnings call, the automotive company confirmed it was no longer in discussions with Apple.
LG and Magna supply parts for various automotive companies, including Tesla, General Motors, BMW and Ford. Magna has a head office and manufacturing facility in Aurora, Ontario, where it creates vehicles for BMW and Jaguar Land Rover.
‘Project Titan,’ reportedly the codename for Apple’s automotive initiative, has been rumoured since 2015. The project was reportedly paused back in 2017 to focus more on self-driving technology, but recent reports indicate that the tech giant is still working on creating its own vehicle.