LG plans to spin off part of its electric-car-components business into a new unit that will make inverters and electric motors and -drive systems. The Aurora, Ont.-based auto-parts supplier will buy a 49 per cent stake in the unit for about US$453 million. (Bloomberg)
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LG plans to spin off part of its electric-car-components business into a new unit that will make inverters and electric motors and -drive systems. The Aurora, Ont.-based auto-parts supplier will buy a 49 per cent stake in the unit for about US$453 million. (Bloomberg)
Talking point: Magna’s and LG’s shares soared 8.8 and 29.6 per cent, respectively, on the news. The deal adds to the rush of EV commitments from traditional automakers and suppliers in recent months, as regulators around the world impose targets for converting new cars from combustion engines to electric. In October, Magna announced plans to build electric SUVs for EV startup Fisker and take a six per cent stake in the company. Also this fall, automakers Ford and Fiat Chrysler committed to invest a respective $1.8 billion and $1.5 billion alongside the federal and provincial government to build EVs in their Southern Ontario plants.
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