LG Electronics and Magna to form $1B joint venture for EV parts

LG Electronics agreed to invest $1 billion with Magna International to form a joint venture, LG Magna e-Powertrain, to produce electric car parts such as motors, inverters, and chargers. Magna will buy 49% for $453 million, and production is expected to start in Q2 2021.

“South Korea's LG Electronics announced on Wednesday that it has agreed to invest $1 billion with auto parts giant Magna International to form a joint venture to produce electric car parts at factories in South Korea and China.”news.metal.com

• 1 source
• news.metal.comSouth Korea's LG plans to set up a $1 billion joint venture with Magna to produce electric car parts - Shanghai Metals Market (SMM)Dec 24, 2020

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