SEOUL, April 20 (Korea Bizwire) — LG Electronics Inc. said Wednesday LG Magna e-Powertrain, its joint venture with Canadian auto parts maker Magna International Inc., is building a new plant in Mexico to supply electric car parts for General Motors.
The 260,000-square-meter plant in the Mexican city of Ramos Arizpe will be LG Magna e-Powertrain’s first production base in North America and its third facility after Incheon and China’s Nanjing. The construction is scheduled to be completed in 2023.
LG said the new facility will produce inverters, motors and on-board chargers to support GM’s new electric vehicle platform.
“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’s vehicle component solutions division.
The groundbreaking event took place Tuesday (local time), attended by executives from LG Magna e-Powertrain, LG Electronics, Magna, General Motors and local government officials.
LG Magna e-Powertrain CEO Cheong Won-suk said the new facility will enable the company to “better support our customers with the 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.”
LG is looking to beef up its competitiveness in the future mobility sector with three main pillars — infotainment, powertrains and auto lighting systems.
The joint venture, set up last year, is aimed at combining LG’s expertise in “developing components for motors, inverters and on-board chargers with Magna’s prowess in electric powertrain systems and automotive manufacturing,” LG said.