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LG Electronics announced that the company would soon be pulling out of the smartphone business. As a result, some of the company’s shareholders, on March 24th, approved another decision to plan a split off with some of its electric vehicle components business to set up a new collaboration project with Canadian auto parts maker Magna International Inc.

Although, officially, the company did not state anything or explain the reasons behind this, some are speculating that the two events might be related.

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The shareholder passed the company’s proposal to dissolve the EV powertrain business from its vehicle component solutions (VS) division to establish a new company with the Canadian auto parts maker. However, LG will occupy the majority of the stakes in the newly created firm with 51%. The joint company could be named LG Magna e-Powertrain Co. . The rest of the stakes will be owned by Magna.

The news does not come as a shock as the company had announced in December that it is looking to form a joint company with Magna so that LG could secure its place in the market in the future in the mobility sector.

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The new hybrid company will focus on manufacturing electric car motors and parts such as inverters and board chargers. The company is trying to make its debut in July.

Bae Doo-Yong, LG’s chief financial officer who chaired the shareholder meeting, said that the company, as for now, will focus on quality growth this year by expanding into other businesses as well, such as home appliances, and increase sales of premium products like OLED TVs. Bae suggested that the company is looking for ways to make up for its losses after closing the smartphone business.

For LG’s new shareholder return program, the company will pay out 1,200 won (US$1.06) per common share, and 1,250 won per preferred share for the fiscal year of 2020.

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