South Korea based LG Electronic Inc and automotive supplier Magna International Inc are launching a joint venture, announced the companies on Wednesday.
The new venture, LG Magna e-Powertrain will manufacture e-motors, inverters and onboard chargers. LG will now share 51% of the company and Magna a share of 49%. This deal is expected to close in July 2021. The Canadian automaker technology company makes electronic vehicle gears for companies like Volkswagen.
