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LG Electronics and Magna To Create $1 Billion Joint Venture for Electric Car Motors

The JV will manufacture e-motors, inverters and onboard chargers

Image source: Magna International

TORONTO/SEOUL (Reuters) – South Korea-based LG Electronics Inc said on Wednesday it has agreed to set up a $1 billion joint venture (JV) with automotive supplier Magna International Inc.

The JV, tentatively called LG Magna e-Powertrain, will manufacture e-motors, inverters and onboard chargers, according to LG Electronics.

Reporting by Moira Warburton in Toronto, Heekyong Yang in Seoul; Editing by Dan Grebler and Himani Sarkar.

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Source: Reuters