South Korea-based LG Electronics and automotive supplier Magna International are launching a joint venture that will make key components for electric cars, the companies announced on Wednesday.
The joint venture, tentatively called LG Magna e-Powertrain and valued at $1 billion, will manufacture e-motors, inverters, and onboard chargers, according to LG Electronics.
Shares of LG Electronics jumped almost 25% to their highest since 2011, compared to the broader market KOSPI’s 1% rise.