LG Magna e-Powertrain joint venture breaks ground in Mexico
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Scheduled for completion in 2023, the new facility will produce inverters, motors, and on-board chargers to support General Motors’ electric vehicle production.
LG Magna e-Powertrain, a joint venture between LG Electronics (LG) and Canadian automotive parts maker Magna International Inc., celebrated the groundbreaking of its new plant in Ramos Arizpe, Mexico, on April 19.
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.
“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 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, Magna said in an April 19 news release, and it will play “a key role” in GM’s effort to build a North America-focused EV supply chain.
The LG Magna e-Powertrain JV was first announced in late 2020, and is expected to fuel both companies’ growth in the highly competitive EV industry.
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