South Korea-based electronics company LG announced a joint venture with Canada-based automotive parts manufacturer Magna International to produce electric auto parts.
Following the news that the US technology company Apple will produce passenger cars using its own battery technology in 2024, LG has announced that it has entered the electric car market.
In the statement made by LG, it was reported that a joint venture with Magna International was made to produce electronic motors, inverters and on-board chargers and electronic drive systems.
In the statement that the new company was temporarily named as LG Magna e-Powertrain, it was stated that the joint venture will employ more than a thousand people in the USA, South Korea and China.
It is stated that the value of the joint venture is $ 1 billion, while LG will own 51 percent of the venture and Magna International will own 49 percent.