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LG Electronics' shareholders approved the company's plan to split off its EV powertrain business from its vehicle component solutions (VS) division to set up a joint venture (JV) with Canadian auto parts maker Magna.
LG will get a 51 percent stake in the tentatively named LG Magna e-Powertrain Co., with the rest going to Magna, the world's No. 3 auto parts maker.
The plan for the JV was announced in December and is scheduled to be launched in July.
The JV will manufacture electric car motors and parts such as board chargers and inverters.
Meanwhile, LG shareholders also approved the company's new shareholder, where LG will pay out 1,200 won per common share and 1,250 won per preferred share for the 2020 fiscal year.
