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


(END) Dow Jones Newswires

December 06, 2022 23:19 ET (04:19 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Gráfico Histórico do Ativo
De Jan 2023 até Fev 2023 Click aqui para mais gráficos Apple.
Gráfico Histórico do Ativo
De Fev 2022 até Fev 2023 Click aqui para mais gráficos Apple.