[Featured Stock] LG Electronics, Intraday Rise of Over 7%
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[Asia Economy Reporter Minji Lee] LG Electronics is experiencing a sharp rise in the early trading session. This is attributed to the announcement by the CEO of Magna International, which is set to establish a joint venture for electric vehicle powertrains called ‘LG Magna E-Powertrain’ with LG Electronics, expressing commitment to producing the Apple Car.
As of 9:36 a.m. on the 30th, LG Electronics was trading at 150,000 KRW on the KOSPI market, up 6.76% from the previous trading day. During the session, the stock price surged to as high as 153,000 KRW.
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According to foreign media, Swami Kotagiri, CEO of Magna, stated, “Magna is ready to manufacture vehicles for Apple and is willing to do so,” adding, “If investments are guaranteed according to the contract, we are also willing to expand manufacturing plants in North America.” As a result, market expectations have grown that the powertrain established by LG Electronics could become a key component.
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