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The South Korean electronics giant LG Electronics Inc. will launch a US$1 billion electric car parts joint venture with Canadian auto parts company Magna International Inc. next year.
It will specialize in manufacturing electric car motors and parts such as inverters and board chargers.
LG Electronics, which will hold a 51 percent stake in the joint venture, will first spin-off its electric car parts business to create the new company, tentatively named LG Magna e-Powertrain Co.
Magna International will then acquire a 49 percent stake for $453 million.
LG plans to hold a shareholder meeting in March for approval of its plan before launching the joint venture in July.
LG has experience developing electric vehicle (EV) components for General Motors' Chevrolet Bolt and Jaguar's I-Pace while Magna has expertise in electric powertrain systems.
In 2018, LG Electronics bought Austrian automotive lighting system firm ZKW Group for 1.44 trillion won.
LG Group has been focusing its efforts on electric car parts technology, with affiliate LG Chem Ltd. spinning off its EV battery business into a separate company, LG Energy Solution Ltd., earlier this month.
