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LG Magna to build first EV parts plant in Europe

Collected: 2023.09.05

Distributed: 2023.09.06

Source: Go Direct

A conceptual image of an EV component plant in Miskolc, northeastern Hungary. [Courtesy of LG Electronics]

LG Magna e-Powertrain Co., a joint venture between South Korea’s LG Electronics Inc. and Canada-based Magna International Inc., will build its first electric vehicle (EV) parts production plant in Europe as part of efforts to accelerate its global market expansion.

At a press conference held before the opening of IAA Mobility 2023, the world’s largest motor show, on Monday local time, LG Magna announced it will build an EV component plant in Miskolc, northeastern Hungary.

The joint venture plans to build a factory with a gross floor area of 26,000 square meters by 2025. It will be the company’s first plant in Europe, a market of strategic importance.

The plant will produce EV traction motors and, depending on customer demand, core components for EV powertrains. An EV powertrain runs on a traction motor that generates and transmits power, acts as an inverter and converter and is a key part of an EV.

Upon completion of the Hungarian plant, LG Magna will operate a total of four plants, including those in Incheon, Korea, Nanjing, China, and Ramos Arispe, Mexico.

LG Magna was established in July 2021 as a joint venture between LG Electronics and multinational auto parts company Magna International. “The new plant will be an opportunity to accelerate LG Magna’s growth while actively responding to demand in the European market,” Cheong Won-suk, chief executive officer at LG Magna, said.

By Choi Seung-jin and Choi Jieun

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