• LG and Magna (MG) are celebrating the groundbreaking of new facility in Mexico
  • The new facility is scheduled for completion in 2023
  • It will produce inverters, motors, and on-board chargers to support General Motors’ electric vehicle (EV) production
  • The joint venture is expected to fuel both companies’ growth in the highly competitive EV industry
  • LG Magna e-Powertrain was launched in July 2021 as a joint venture between LG Electronics and Magna International
  • As at 1:46 PM ET, Magna International Inc. (MG) was trading at $79.58, with a gain of $2.30 or 2.976 per cent

LG Electronics and Magna International (MG) joint venture LG Magna e-Powertrain has broken ground on its new plant in Ramos Arizpe, Mexico.

The new facility is scheduled for completion in 2023 and will produce inverters, motors, and onboard chargers to support General Motors’ electric vehicle (EV) production. The 260,000-square-foot plant will be LG Magna e-Powertrain’s first production base in North America and is expected to create around 400 new jobs.

“Strengthening our JV’s ability to develop and produce advanced EV sub-assemblies, the Ramos site represents one of the key pillars of LG’s long-term strategy to become the auto industry’s go-to innovation partner,” stated Eun Seok-Hyun, president of the LG vehicle component solutions company.

“This new facility demonstrates the continuing growth of LG Magna e-Powertrain,” noted Cheong Won-suk, chief executive officer of LG Magna e-Powertrain.

“The JV’s ongoing success will enable us to better support our customers with best-in-class components for the next generation of electric vehicles, and help us to expand our presence in the fast-growing global EV market,” he added.

The groundbreaking event, which took place on April 19, was attended by executives from LG Magna e-Powertrain, LG Electronics, Magna, General Motors and local government officials.

General Motors is the foundational customer for the new facility, and it will play a key role in GM’s journey to build a strong, scalable, sustainable and North America-focused EV supply chain.

First announced in late 2020, LG Magna e-Powertrain combines LG’s expertise in developing components for motors, inverters, and onboard chargers with Magna’s prowess in electric powertrain systems and automotive manufacturing.

The joint venture is expected to fuel both companies’ growth in the highly competitive EV industry.

LG Magna e-Powertrain was launched in July 2021 as a joint venture between LG Electronics and Magna International.

As at 1:46 PM ET, Magna International Inc. (MG) was trading at $79.58, with a gain of $2.30 or 2.976 per cent.

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