[Featured Stock] LG Electronics Hits Upper Limit on News of New Electric Vehicle Parts Company Establishment

[Asia Economy Reporter Kum Boryeong] LG Electronics recorded a limit-up on the 23rd following news of establishing a new company in the electric vehicle powertrain sector.

As of 1:57 PM that day, LG Electronics' stock price rose 29.61% (27,300 KRW) from the previous trading day to 119,500 KRW.

LG Electronics announced on the same day that it will simply and physically split its electric vehicle parts business division, including motor·PE, battery heater, DC charging box, and battery·battery pack parts-related businesses. The newly established spin-off company will be tentatively named 'LG Magna ePowertrain' and plans to form a joint venture with Canada's Magna.