LG Magna e-Powertrain Celebrates Groundbreaking of New Facility in Mexico
19 April 2022 - 6:00PM
LG Magna e-Powertrain, a joint venture (JV) between LG Electronics
(LG) and Magna International Inc. (Magna), celebrated the
groundbreaking of its new plant in Ramos Arizpe, Mexico. Scheduled
for completion in 2023, the new facility will produce inverters,
motors, and on-board 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,” said Eun Seok-hyun, president
of the LG Vehicle component Solutions Company.
“This new facility demonstrates the continuing
growth of LG Magna e-Powertrain,” said 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.”
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.
“In the space of just over one year, we’ve added
an expansion agreement, identified a strategic location to support
our customer, and are now in the process of realizing our plans,”
said Tom Rucker, president of Magna Powertrain. “The building of a
new facility is a true testament to the strength of this
collaboration and commitment in delivering innovative solutions to
customers to meet their challenges. It also reinforces our active
participation in the electrification transformation whether by
eDrive sub systems or full systems.”
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 on-board 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.
ABOUT LG MAGNA E-POWERTRAINLG
Magna e-Powertrain launched in July 2021 as a joint venture between
LG Electronics and Magna International. We are driven by the strong
synergy created by combining LG’s capability in EV component and
Magna’s experience in traditional automotive business. Based on the
technologies and manufacturing competitiveness on key components of
EV powertrain─motors, inverters, converters, IPGM, and more─we are
growing into a No. 1 e-mobility solutions partner leading the
rapidly changing EV component market. More than 1,300 LG Magna
employees in Korea, North America, Europe, South America, and Asia
are working organically throughout technology innovation,
marketing, R&D, purchasing, and manufacturing.
For more information, please visit www.lgmagna.com and follow us
on LinkedIn “LG Magna e-Powertrain”
Media Contacts: |
LG
Electronics, Inc. |
|
Magna
International Inc. |
Léa Lee |
|
Tracy Fuerst |
+82 2 3777 3981 |
|
248-761-7004 |
lea.lee@lge.com |
|
Tracy.fuerst@magna.com |
www.LGnewsroom.com |
|
www.magna.com |
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/37eb6b96-2a61-4971-903b-d5e27acad208
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