Magna and LG’s announcement follows other efforts to expand into the market for electric vehicle components by Magna. See also: LG to unveil OLED TVs and home appliances at CES 2021. About LG Electronics Vehicle Component Solutions Company LG Electronics Vehicle Component Solutions Company focuses on commercializing autonomous and environmentally responsible automotive components and core solutions based on LG's proprietary technologies. 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. Shares of auto parts manufacturer Magna International Inc. hit an all-time high on Wednesday after the company announced a deal with LG Electronics to create a joint venture to build components for electric cars.The new venture, which will manufacture electric motors, inverters and on-board chargers, signifies an ambitious expansion by Magna into the fast-growing electric vehicle … LG and Magna to form JV for electric car components. LG is … Magna and LG’s announcement follows other efforts to expand into the market for electric vehicle components by Magna. With the popularity of electric cars and electric mopeds as a faster and safer means of transport, … A mix of stricter regulations on gasoline-powered cars, favorable government policies and improvements in battery technology has led more automakers to speed up electrification plans. The newly formed company will produce e-motors, inverters, and on-board chargers, as well as related e-drive systems to support the growing global shift towards vehicle electrification, the pair said. The joint venture is tentatively known as LG … — Magna International Inc. has signed a deal with LG Electronics to create a joint venture to build components for electric cars. The shift also has sparked a rally in shares of market leader Tesla Inc. as well as Chinese startups Nio Inc. and XPeng Inc. LG Electronics is “emerging as a new alternative to Tesla stock for investors,” said Jeon Kyung-Dae, chief investment officer for equities at Macquarie Investment Management Korea in Seoul. Magna’s U.S.-listed shares jumped 9% to $72.50 as of 9:43 a.m. in New York. Have a confidential tip for our reporters? Although LG Electronics’ vehicle component business registered 19 quarters of consecutive losses, the company reportedly believes to generate profits during the third quarter of 2021. The company’s largest shareholder, LG Corp., advanced 10%, the most since March. “The market for e-motors, inverters and electric-drive systems is expected to have significant growth between now and 2030, and the JV will target this fast-growing global market with a world-class portfolio,” the companies said in a joint media release. “LG will help accelerate Magna’s time to market and scale of manufacturing for electrification components, while software and systems integration are competencies that Magna brings to this venture.”. Atlas Electronics, Inc. is DFWS source for TV and projector lamps - TV and projector repair specialist! The tie-up is LG Electronics’ second major investment in the auto industry after it bought automotive-lighting and headlight-systems provider ZKW Group GmbH in 2018 for about 1.1 billion euros ($1.3 billion). Lg Electronics Vehicle Components U.S.A., LLC has 300 total employees across all of its locations and generates $2.62 billion in sales (USD). Magna will put in $453 million for the shares. The latest venture will also have a software R&D center in Troy, Michigan, where Magna’s U.S. headquarters is located, one of the people familiar with the matter said. LG will own a 51% stake in the company and Magna 49%. LG Electronics' parent company LG Corp is expanding its presence in the electric vehicles segment. LG electronics has spun-off its electric car components business into a new joint venture with Canadian automotive giant Magna International. LG Electronics is focused on developing new innovations across Business. The joint venture tentatively has been called LG […] Like us on Facebook to see similar stories, A bust of Breonna Taylor was damaged in an apparent act of vandalism, Loujain Al-Hathloul: Detained since 2018, now Saudi women's rights activist is handed 5-year sentence. Another LG group company, LG Chem Ltd., spun off its energy-storage and EV-battery business to form LG Energy Solution Co. on Dec. 1. 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