LG Electronics Rallies After Media Report on Apple Car
November 18 2021 - 9:30PM
Dow Jones News
By Kwanwoo Jun
LG Electronics Inc.'s shares rallied Friday after a news report
that Apple Inc. is accelerating plans for a battery-powered
autonomous vehicle within four years.
LG Electronics' gains reflect investor hopes that the South
Korean company and its affiliates, which have long supplied parts
to Apple, could benefit from the Apple car project.
Shares of LG Electronics jumped by as much as 12% to 137,500
Korean won ($116.23) in morning trade before drifting lower. They
were 6.9% higher in late morning trade, outpacing the benchmark
Kospi's 0.1% gain.
Bloomberg reported early Friday that Apple plans to launch an
electric, self-driving car as soon as 2025. Details remain thin,
and Apple hasn't commented on the latest news report.
Apple has never confirmed periodic media reports that it is
entering the EV market..
LG Electronics in July launched LG Magna e-Powertrain, a joint
venture with Canadian auto-parts maker Magna International in a bid
to bolster its electric-vehicle components business.
The Korean company gave no immediate comment on speculation of a
partnership with Apple for what some call an iCar project.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
November 18, 2021 21:15 ET (02:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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