The LG Magna e-Powertrain joint venture (JV) formed by LG Electronics (LG) and Canadian manufacturing company Magna, is further bolstering its presence with the construction of a new facility in Miskolc, Hungary.
The opening of this 284,000ft² facility will mark the JV’s debut in Europe and is said to generate approximately 200 jobs.
Beginning with the e-motors production, the plant will eventually provide a range of electrified powertrain solutions, including inverters and on-board chargers for the expanding electric vehicle (EV) industry.
Located in the industrial district of Miskolc, the site has a sophisticated infrastructure and is suitably placed near original equipment manufacturer customers and other Magna plants across the region.
LG Magna e-Powertrain CEO Cheong Wonsuk said: “This new facility seeks to amplify the growth of LG Magna e-Powertrain in the European market.
“Along with the facilities in Mexico, China and South Korea, the facility in Hungary will be critical as the company accelerates its position as a go-to mobility solutions partner in the fast-growing global EV market.”
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The Hungarian Government and local authorities have also shown considerable support for this project.
This facility is slated for completion in 2025 and will begin operation in 2026.
LG vehicle component solutions (VS) president Eun Seokhyun said: “Our new facility is a testament to the remarkable growth of LG Magna e-Powertrain, thanks to our strong partnership.
“The new facility aims to meet the demands of European automakers, demonstrating our commitment to delivering innovative solutions to our customers.”