# LG Electronics and Magna International to launch EV powertrain joint venture

LG Electronics will spin off its green business to set up LG Magna e-Powertrain Co. on July 1, 2021, with Magna acquiring a 49% stake for $453 million. The joint venture will focus on electric vehicle powertrains.

- Type: Acquisition
- Announced: 2021-06-21
- Where: South Korea
- Value: $453.0M
- Status: announced
- Products: electric vehicle powertrains
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Magna International](https://endata.com/companies/2534.md) (partner)
- [LG Electronics](https://endata.com/companies/11457.md) (partner)

## Sources

- [koreaherald.com](https://www.koreaherald.com/article/2637939), 2021-06-21: "LG and Magna are expected to create a big synergy with the joint venture as the EV industry grows sharply."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.