Magna in electric-car parts joint venture with LG Electronics
Kyunghee Park, Gabrielle Coppola and Sohee Kim, Bloomberg News
Magna forms joint venture with LG Electronics VIDEO SIGN OUT
LG Electronics Inc. plans to spin off some its electric-car components business into a new joint venture with Canadaâs Magna International Inc.
Magna will buy a 49 per cent stake in the new unit for 501.6 billion won (US$453 million) while the remainder will be owned by LG Electronics, the South Korean company said in an exchange filing. The joint venture will make e-motors, inverters and electric-drive systems in factories in Incheon in Korea and Nanjing in China, people familiar with the matter said earlier Wednesday.
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(Bloomberg) LG Electronics Inc. will form a joint venture with Canada’s Magna International Inc. to produce electric-car components in factories in South Korea and China, according to people familiar with the matter.
The joint venture, worth about $1 billion, will be 51% owned by LG Electronics and 49% by automotive supplier Magna, the people said, asking not to be identified because the details are private. It will make e-motors, inverters and electric-drive systems in Incheon in Korea and Nanjing in China, the people said.
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