LG Magna e-Powertrain, the joint venture (JV) between LG Electronics and Magna announced 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 and it will produce e-motors, inverters and on-boarding chargers.
The investment will be the fourth plant of the company overall and its first one in Europe, with completion scheduled in 2025. Currently, CLG Magna e-Powertrain operates production facilities in Mexico, China and South Korea.
“Adding the new Hungary facility marks another milestone for the JV in executing its growth plan,” said Diba Ilunga, president of Magna e-Powertrain. “With this new capacity – the JV’s first in Europe – LG Magna e-Powertrain is well positioned to keep pace with customer demands and increases in global EV production.”
Indeed, the expansion was a natural choice to meet growing demand on the part of European automakers and the location of the new facility was picked based on its proximity to OEM customers and Magna facilities throughout the region.