LG Announced It Will Manufacture Electric Vehicles

LG Announced It Will Manufacture Electric Vehicles LG also announced that it will manufacture electric vehicles. After Apple, LG will also step into the automobile world. LG Electronics is considering turning it into a new joint venture by signing an agreement with Canadian Magna International to manufacture electric vehicle parts. LG will hold a majority stake in this planned venture, but Magna will buy 49 percent of the venture for $ 453 million. This initiative will produce electric motors, current converters and electric drive systems in factories in Korea and China. Following this news, LG Electronics' shares rose by 30 percent, while the shares of LG Corp, the company's largest shareholder, rose by 10 percent. Korea-based Macquarie Inestment Management Investment Director Jeon Kyung-Dae stated that LG electronics shares could turn into an alternative Tesla share for investors. According to a report by Reuters on Tuesday, the US technology giant Apple also announced that it will start producing electric vehicles.       Source: Bloomberg HT