Global Innovators Showcases Battery Solu...
December 18, 2024
The new factory, whose completion is targeted for 2025, will begin producing e-motors and intends to later offer a range of electrified powertrain solutions, including inverters and on-board chargers for the expanding EV industry.
Date: September 6, 2023
Munich, Germany- LG Magna e-Powertrain., the Joint Venture (JV) established in 2021 between LG Electronics (LG) and Magna (Magna), declared at IAA Mobility 2023 that it was extending its footprint by building a new facility in Miskolc, Hungary. The facility will be in a well-developed industrial neighborhood of Miskolc that is strategically situated close to OEM clients and other Magna operations in the region. Additionally, the enterprise has enjoyed substantial backing from the municipal and national governments of Hungary.
The new factory, whose completion is targeted for 2025, will begin producing e-motors and intends to later offer a range of electrified powertrain solutions, including inverters and on-board chargers for the expanding EV industry.
The 284,000-square foot facility will be LG Magna e-Powertrain’s first production operations in Europe and, at initial start of production in 2026, the company expects to create roughly 200 new jobs.
Diba Ilunga, president of Magna powertrain said, “Adding the new Hungary facility marks another milestone for the JV in executing its growth plan. With this new capacity – the JV’s first in Europe - LG Magna e-Powertrain is well positioned to keep pace with customer de-mands and increases in global EV production.”
Eun Seok-hyun, president of LG Vehicle compo-nent Solutions (VS) Company 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."
As the industry shifts toward vehicle electrification, the JV offers automakers a scalable portfolio including complete component solutions that enable electrification and functionality.
Cheong Won-suk, Chief Executive Officer of LG Magna e-Powertrain said, “This new facility seeks to amplify the growth of LG Magna e-Powertrain in the Europe-an 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.”
The joint venture combines Magna’s expertise in electric powertrain systems and opera-tional excellence, with LG’s capabilities in component development for e-motors, inverters and on-board chargers. The collaboration in design, engineering and manufacturing happening within LG Magna e-Powertrain allows both companies to capitalize on market trends and address customer needs with innovative solutions.
