Stock Alert: Magna International Hits New 52-week High On JV Deal With LG Electronics

Shares of Canada-based automotive supplier Magna International Inc. (MGA,MG.TO) are rising almost 9 percent or $5.78 in Wednesday's morning trade at $72.14, after hitting a new 52-week high of $74.60.

Wednesday, South Korea's LG Electronics Inc. (LGEPF.OB, LGEJY.OB, LGEIY.OB, LGEAF.OB) announced a joint venture with Magna International to manufacture e-motors, inverters and on board chargers. The JV, tentatively called LG Magna e-Powertrain, would also manufacture related e-drive systems for certain automakers, to support the growing global shift toward vehicle electrification.

Magna International has traded in a range of $23.75 to $74.60 in the past 52 weeks.

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