By Kwanwoo Jun

 

LG Electronics Inc.'s shares slumped Wednesday after a news report that Apple Inc. has downsized its autonomous electric-car project while delaying its launch target by a year--to 2026.

Shares in the South Korean consumer electronics giant fell as much as 7.9% to 89,500 won ($67.79) in the morning session, the sharpest intraday decline in more than two years, according to FactSet. The stock was last down 7.3% at KRW90,100, underperforming the benchmark Kospi's 0.4% fall.

The retreat of LG Electronics followed a Bloomberg News report Tuesday that Apple's ambitious plan to launch its self-driving vehicles has been in a state of limbo, and the U.S. tech giant is scaling back the project, which isn't currently technologically feasible.

LG Electronics has been cited as a potential partner for Apple's project, as it and its affiliate LG Innotek Co. have long supplied parts to the iPhone manufacturer while expanding its car-component segment.

LG Electronics last year launched LG Magna e-Powertrain, a joint venture with Canadian auto-parts maker Magna International to bolster its electric-vehicle component business.

 

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

 

(END) Dow Jones Newswires

December 06, 2022 23:19 ET (04:19 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Jan 2023 to Feb 2023 Click Here for more Apple Charts.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Feb 2022 to Feb 2023 Click Here for more Apple Charts.