Top E-mobility Market Player Expands in E-Drive Market By Setting Up Plant In Hungary
2023. 09. 04.
LG Magna e-Powertrain, the joint venture between LG Electronics and Magna announced at IAA Mobility 2023 that it will build its first European production facility in Miskolc, Hungary, by investing 51.6 million euros. The project is set to create some 200 new jobs.
IAA Mobility is the world’s largest mobility gathering that takes place in Munich, Germany in the first week of September where day 1 is scheduled to feature some three dozen press conferences. LG Magna e-Powertrain, the joint venture between LG Electronics and Magna that was formed in 2021, took the very first slot to announce its brand-new project that sets up a facility in Miskolc, Hungary, to produce e-motors, inverters and on-boarding chargers.
The 51.6 million euro investment is to trigger the creation of some 200 new workplaces. It will be the fourth plant of the company overall and its first one in Europe, with completion scheduled in 2025. LG Magna e-Powertrain operates production facilities in Mexico, China and South Korea at the moment.
The expansion was a natural choice to meet growing demand on part of European automakers. The location of the new facility was picked based on its proximity to OEM customers and Magna facilities throughout the region.
The company that is growing into a top e-mobility solutions partner leading the rapidly changing EV component market offers a scalable portfolio, from complete solutions that enable electrification and functionality, to integrating intelligent operating software and controls in new e-drive systems.
