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LG Electronics, Magna to set up US$1 billion JV to make electric car gear

South Korea-based LG Electronics Inc said on Wednesday it has agreed to set up a US$1 billion joint venture (JV) with automotive supplier Magna International Inc.

FILE PHOTO: An LG Electronics' logo is pictured on a TV displayed at a shop in Seoul
FILE PHOTO: An LG Electronics' logo is pictured on a TV displayed at a shop in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo

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TORONTO/SEOUL: South Korea-based LG Electronics Inc said on Wednesday it has agreed to set up a US$1 billion joint venture (JV) with automotive supplier Magna International Inc.

The JV, tentatively called LG Magna e-Powertrain, will manufacture e-motors, inverters and onboard chargers, according to LG Electronics.

(Reporting by Moira Warburton in Toronto, Heekyong Yang in Seoul; Editing by Dan Grebler and Himani Sarkar)

Source: Reuters