LG Electronics and Magna International joint venture to build factory in Hungary to produce electric vehicle parts

According to news from this site on September 4, LG Magna e-Powertrain, a joint venture between LG Electronics and Canadian auto parts manufacturer Magna International, announced on Monday that it will build an electric vehicle (EV) parts factory in Hungary.

Note from this site: LG Magna e-Powertrain was established in July 2021 and currently has production bases in South Korea, China and Mexico.

The plant is expected to be built in 2025 and is located in the northeastern city of Miskolc, covering an area of ​​26,000 square meters. It will produce electric vehicle power such as motors, inverters and converters for European car manufacturers. key components of the system.

Its CEO Cheong Won-suk said: "This factory will accelerate the development of LG Magna e-Powertrain, allowing it to better respond to the needs of the European market."

The company The Hungarian city is known for its heavy industry and has distribution and transport infrastructure, with major European carmakers having factories near the city.

In addition, LG Electronics will also participate in the IAA Mobility 2023 annual exhibition scheduled to open in Munich on Tuesday, where a large number of electric vehicle-related technologies are likely to be announced.

LG Electronics’ electric vehicle parts division, which includes segments such as in-vehicle infotainment systems, electric powertrains and headlights, has experienced annual growth rates of more than 30% since it began operations more than 10 years ago.

In the second quarter of this year, the division reported sales of 2.66 trillion won (Note from this site: currently approximately 14.657 billion yuan) 2, which was the highest second-quarter revenue in the company’s history.

With the explosive growth of the electric vehicle market, LG expects its EV unit’s cumulative order backlog to reach 100 trillion won (currently about 551 billion yuan) by the end of this year.

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