LG Electronics "Establishment of LG Magna e-Powertrain, Electric Vehicle Parts Production" (Update)
[Asia Economy Reporter Changhwan Lee] LG Electronics announced on the 23rd that it plans to establish a joint venture, LG Magna e-Powertrain (tentative name), with Canadian auto parts manufacturer Magna International to produce electric vehicle parts.
LG Electronics has been expanding its automotive electronics business since 2013. Although it has not yet generated significant profits, the company is increasing investments, considering it one of the new growth engines that will sustain the company in the future.
The company stated, "This decision was made to expand the growth potential of the electric vehicle parts business and enhance business competitiveness through the establishment of the JV (joint venture)." The capital is 30 billion KRW, with LG Electronics holding a 51% stake and Magna holding 49%.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Not Everyone Can Afford This: Inside the World of the True Top 0.1% [Luxury World]"
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- "We're Now Earning 10 Million Won a Month"... Semiconductor Boom Drives Performance Bonuses at Major Electronic Component Firms
- Experts Are Already Watching Closely..."Target Stock Price 970,000 Won" Now Only the Uptrend Remains [Weekend Money]
Magna, headquartered in Aurora, Ontario, Canada, is ranked among the top three global auto parts companies by sales. Industry insiders regard Magna as a strong candidate to participate in the manufacturing of the Apple Car.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
