The South Korean electronics giant LG Electronics Inc. will launch a US$1 billion electric car parts joint venture with Canadian auto parts company Magna International Inc. next year.
It will specialize in manufacturing electric car motors and parts such as inverters and board chargers.
LG Electronics, which will hold a 51 percent stake in the joint venture, will first spin-off its electric car parts business to create the new company, tentatively named LG Magna e-Powertrain Co.
Magna International will then acquire a 49 percent stake for $453 million.
LG plans to hold a shareholder meeting in March for approval of its plan before launching the joint venture in July.
LG has experience developing electric vehicle (EV) components for General Motors' Chevrolet Bolt and Jaguar's I-Pace while Magna has expertise in electric powertrain systems.
In 2018, LG Electronics bought Austrian automotive lighting system firm ZKW Group for 1.44 trillion won.
LG Group has been focusing its efforts on electric car parts technology, with affiliate LG Chem Ltd. spinning off its EV battery business into a separate company, LG Energy Solution Ltd., earlier this month.


China Halts Shipments of Nvidia H200 AI Chips, Forcing Suppliers to Pause Production
U.S. Moves to Expand Chevron License and Control Venezuelan Oil Sales
China’s AI Models Narrow the Gap With the West, Says Google DeepMind CEO
U.S. Lawmakers Raise Alarm Over Trump Approval of Nvidia AI Chip Sales to China
Google Seeks Delay on Data-Sharing Order as It Appeals Landmark Antitrust Ruling
Chevron Set to Expand Venezuela Operations as U.S. Signals Shift on Oil Sanctions
One Percent Rule Checklist For Safer Forex Trading Risk
White House Pressures PJM to Act as Data Center Energy Demand Threatens Grid Reliability
TSMC Set to Post Record Q4 Profit as AI Chip Demand Accelerates
Federal Judge Clears Way for Jury Trial in Elon Musk’s Fraud Lawsuit Against OpenAI and Microsoft
China Considers New Rules to Limit Purchases of Foreign AI Chips Amid Growing Demand
Zhipu AI Launches GLM-Image Model Trained on Huawei Chips, Boosting China’s AI Self-Reliance Drive
TSMC Shares Hit Record High as AI Chip Demand Fuels Strong Q4 Earnings
xAI Restricts Grok Image Editing After Sexualized AI Images Trigger Global Scrutiny
Microsoft Strikes Landmark Soil Carbon Credit Deal With Indigo Carbon to Boost Carbon-Negative Goal
Boeing Reaches Tentative Settlement With Canadian Victim’s Family in 737 MAX Crash Lawsuits
Anthropic Appoints Former Microsoft Executive Irina Ghose to Lead India Expansion 



