Why Magna International Stock Moved Up 9% Today
Shares of Magna International (NYSE: MGA), supplier to almost 60 automotive original equipment manufacturers (OEMs), jumped 9% today after announcing a joint venture for vehicle electrification. The company already has an agreement with electric-SUV maker Fisker, and now will join with LG Electronics for a new electric powertrain offering.
The companies said in a joint statement that the new venture -- to be called LG Magna e-Powertrain -- will manufacture electric motors and related components, as well as electric-drive systems "to support the growing global shift toward vehicle electrification."
Image source: Getty Images.
Source Fool.com
