LS Group, a South Korean conglomerate specializing mostly in electricity materials, said Wednesday that it has signed a memorandum of understanding with China’s Dongfeng Motor Group to cooperate in developing parts for electric cars and hybrid automotives.

Under the deal, the South Korean business group will work with the Chinese automaker for the development of power trains, energy storage components and other parts used for automotives, according to the group.

Also, the two groups will cooperate in parts for electric cars and hybrid cars, LS Group said.

The group’s key affiliates include South Korea’s top wire and cable maker LS Cable and System and LS Industrial Systems Co., a leading South Korean manufacturer of electric components.

In 2003, LS Group was spun off from LG Group, the country’s fourth-largest conglomerate.

Dongfeng Motor garnered a 30.5 percent share of the Chinese automaking sector with 3.08 million units manufactured in 2012, according to LS Group. (Yonhap News)