According to CNBC, on Wednesday this week, LG Electronics and automotive parts supplier Magna International announced the establishment of a joint venture to produce key components for electric vehicles.
The new company, named LG Magna e-Powertrain, will mainly be responsible for the production of electric motors, inverters, and on-board chargers, according to LG Electronics.
As a result of this news, LG Electronics’ stock rose nearly 30%. In addition, LG Electronics will hold 51% of the new company’s shares, while Magna will hold 49%.
It is expected that the establishment of the new company will be completed in July 2021 and is pending approval from LG shareholders. The new company will employ 1,000 staff in LG factories in the United States, South Korea and China.
🔗Source: CNBC
(Image source: The New York Times)
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.