LG and Magna announce billion dollar joint venture in electric car gear

FILE PHOTO - A show attendee passes by the LG Electronics booth during the 2009 International Consumer Electronics Show (CES) in Las Vegas, Nevada, January 9, 2009. REUTERS/Steve Marcus/File Photo

TORONTO/SEOUL (Reuters) - South Korea-based LG Electronics Inc and automotive supplier Magna International Inc are launching a joint venture that will make key components for electric cars, the companies announced on Wednesday.

The joint venture, tentatively called LG Magna e-Powertrain and valued at $1 billion, will manufacture e-motors, inverters and onboard chargers, according to LG Electronics.