LG Magna e-Powertrain setting up a new manufacturing facility in Mexico
LG Magna e-Powertrain, a joint venture between LG Electronics and Magna International, has announced a new electric powertrain manufacturing plant in Ramos Arizpe, Mexico. This is the company's first production base in North America.
Scheduled for completion in 2023, the new facility will produce inverters, motors, and onboard chargers primarily to support General Motors' electric vehicle production in the North American region.
"This new facility demonstrates the continuing growth of LG Magna e-Powertrain," said Cheong Won-suk, CEO 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."
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.
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, according to the company.
"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.
