LG Moves From Smartphones To Electric Vehicles
After six years of losses, LG is ending its smartphone business next month, and pivoting into the electric-vehicle market.
Next month, LG will spin off its EV drive system segment, sell 49 per cent to auto parts supply company Magna International, and launch a joint venture, LG Magna e-Powertrain, aimed at capturing this market.
Last year, vehicle components made up 11 per cent of LG’s total revenue. Magna already supply GM, BMW and Ford.