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

TORONTO/SEOUL (Reuters) – South Korea-based LG Electronics Inc said on Wednesday it has agreed to set up a $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)