LG affiliates rally on media reports of potential Apple car partnership

LG Innotek Co

03/09/2021 07:00

** Shares of LG Electronics rise as much as 10% to hit a
more than two-week high of 153,500 won  ($132.80); LG Innotek Co
Ltd  011070.KS  climbs as much as 13.7% 
    ** Analysts attribute the jump to media reports that Apple
is rumoured to be visiting Asian suppliers and carmakers to
prepare for the mass production of "Apple Car" by 2024 
    ** South Korean media outlet reported that LG Innotek, which
supplies smartphone components to Apple, has formed a task force
team to prepare to supply components for the company's car
project 
    ** Analysts said LG Electronics' JV with automotive supplier
Magna International Inc  MG.TO  could be considered a viable
option for Apple to build electric vehicles 
    ** In December, LG Electronics and Magna International
launched a joint venture that will make key components for
electric cars  urn:newsml:reuters.com:*:nL4N2M705L
    ** Reuters reported in December that Apple was moving
forward with autonomous car technology and aimed to produce a
passenger vehicle that could include its own breakthrough
battery technology as early as 2024  urn:newsml:reuters.com:*:nL1N2J12O7
    ** The broader market KOSPI  .KS11  was trading up 0.7% as
of 0529 GMT 
    
    

($1 = 1,155.8300 won)

 (Reporting by Heekyong Yang and Jihoon Lee;)
 ((Heekyong.Yang@thomsonreuters.com;))