SEOUL (Financial Times) -- LG Electronics will spin off part of its electric vehicle components business and set up a $1 billion joint venture with Canada's Magna International -- a deal that is aimed at capturing a bigger share of the fast-growing global EV parts market and which lifted its shares by nearly one-third.
The South Korean group will hold a 51% stake in the venture, and Magna the rest. The venture will produce e-motors, inverters and onboard chargers at LG's factories in Incheon, South Korea, and Nanjing in China, LG said.
