Construction of the plant to be run by LG Magna e-Powertrain began in a ceremony in Ramos Arizpe, Mexico, for completion in 2023. The plant will be the joint venture's first production base in North America.
Through the construction of a new factory, LG Electronics will secure its foothold in the global electric vehicle powertrain market that is growing rapidly thanks to the popularization of green vehicles. The company has beefed up capabilities to manufacture infotainment systems and powertrain parts for carmakers.
"The joint venture'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," LG Magna e-Powertrain CEO Cheong Won-suk said in a statement on April 20.
The joint venture unifies Magna’s strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters. "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," said Magna Powertrain president Tom Rucker.
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