The Tokyo Summer Olympics are predicted to drive advertising spending this year. US ad revenue is expected to hit an all-time record high of $259 billion this year – up 12.5% ​​– while global spending hits a record $657 billion this year – up 14%, according to the latest forecast from intelligence and media investment firm Magna. Létang also points to strong growth in e-commerce, digital marketing and events like the Tokyo Summer Olympics that will drive ad spend this year. According to the report, global advertising revenue is forecast to reach $78 billion in 2021 after falling 2.5% in 2020. Besides, the market is also expected to grow 7% in 2022 due the return to normalcy after the pandemic, as well as upcoming events in the near future, such as the Winter Olympics. Magna said advertising growth was driven by an overall economic recovery, with global gross domestic product growing 6.4% in the first quarter of this year. Industries such as the auto business, tourism, entertainment and restaurants have been revived by international sporting events such as the Olympics and the European Football Championship.

(Illustration)

Last year, Hyundai was considered the most likely partner of Apple in the electric car production project that the company is actively developing.

The Korean company previously confirmed it was in talks with Apple to jointly develop an electric self-driving car after Apple announced its intention to launch a car bearing its name.

However, on Feb. 8, Hyundai confirmed that negotiations on co-manufacturing electric vehicles with tech giant Apple had collapsed.

Since the end of 2020, Apple has shown that it is cherishing a plan to invest $ 3.6 billion to market its electric vehicle products in 2024. However, Apple does not seem to find an umbrella manufacturer. which car is suitable when the negotiation deal with Hyundai or Nissan falls apart.

However, Apple recently publicly negotiated with Magna, a Canadian auto parts supplier. It is known that this company has signed an agreement to supply spare parts for the Fisker Ocean model.

Although Magna does not manufacture cars under its own brand, and LG has never been directly related to the auto industry, the two companies recently announced a “LG Magna e-Powertrain ”. Last December, they agreed to jointly develop motors, inverters and chargers for electric vehicles.

According to the Korea Times, Apple has signed an agreement to produce the first series of electric cars with the consortium. The source of the newspaper stressed that the details of the cooperation are still being discussed, with the announcement of Apple’s electric vehicle likely to take place in 2024.

The Drive notes that Apple chose LG and to create the “Apple Car” is completely grounded, because the iPhone manufacturer has bought LG’s display for a long time. experience in developing and manufacturing custom-made products, and this is different from Hyundai: Magna’s Austrian branch, for example, produces Jaguar I-Pace and Toyota Supra gasoline-powered electric cars. usually, common, normal.

On the Apple side, the company recently said that the first electric car could not be released to the public before 2024. Instead, the plan will be pushed back to 2028 because Apple sets a very high standard for new products. mine.

Apple also admits there is no breakthrough in battery technology. The company was forced to buy exclusive designs and software.

Once the third largest smartphone manufacturer in the world in 2014, Korean electronics company LG on April 5 officially became the first major smartphone brand to completely withdraw from the market.

LG said this is a strategic decision to help the company focus resources on growing areas such as components for electric cars, connected devices, smart homes, robotics, and intelligence. business creation and solutions, as well as platforms and services.

The newly formed company may be called LG Magna e-Powertrain with a capital investment of $ 1 billion with the main manufacturing areas of electric vehicle engines, frequency converters and chargers. LG will hold a 51% stake and the Canadian auto company will own 49%.

The formal agreement can be signed this July after being reviewed and approved by LG’s shareholders.

Previously, LG announced its withdrawal from the phone business to focus on other areas such as electric vehicle components, connected devices, smart home, robotics, artificial intelligence, B2B solutions for businesses, and several other platforms and services.

LG and Magna could work together to make electric cars for Apple. Photo: Korea Times.

Source of Korea Times commented that LG currently does not have too much experience in the field of cars or electric vehicles. The selection of the Apple Car electric vehicle project is for the Korean giant to demonstrate its transformation efforts.

The deep relationship between Apple and LG is said to be an important factor in bringing these two corporations to a cooperation agreement in the automotive sector. Apple is currently a partner of many LG subsidiaries such as LG Display, LG Chem, LG Energy Solution and LG Innotek.

In addition, LG has played a role in supplying engines, battery packs and components for electric vehicles of General Motors and Tesla. Magna has many years of experience in providing technology solutions for many car manufacturers.

Representatives from LG currently declined to comment on the information Korea Times.

Since the beginning of 2021, Apple is said to have been looking for partners to research and manufacture self-propelled electric cars. Initially, Hyundai and Kia were the first two names to sit at the negotiating table with Apple and were unsuccessful. Then, it was reported that Apple had contacted six Japanese carmakers, but the results were not better.