The European Commission (EC) has approved the establishment of a joint venture between South Korean electronics manufacturer LG Electronics and Canadian auto parts maker Magna International on May 25 (local time). As a result, the official launch of the joint venture, which is scheduled to take place in July this year, is expected to happen smoothly.
During its annual shareholders meeting earlier this year in March, LG Electronics decided on splitting the electric vehicle powertrain business from its vehicle component solutions (VS) business division.
The capital for establishing the new venture is 30 billion won (approximately USD 26.7 million), and its headquarters will be established in South Korean city Incheon.
