LG Electronics Shares Slump After Report That Apple Downsized Autonomous Car Project
07 Dezember 2022 - 05:34AM
Dow Jones News
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)
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