Monterey, NL. LG Magna e-Powertrain, a joint venture (JV) between LG Electronics (LG) and Magna International (Magna), celebrated the laying of the first stone of its new plant in Ramos Arizpe, Coahuila, which will produce inverters, motors and chargers to support the production of electric vehicles of General Motors (GM).
According to company data, the 24,154-square-meter plant will be the first LG Magna e-Powertrain production base in North America and is expected to create around 400 new jobs. The work is scheduled to conclude in 2023.
The governor of Coahuila, Miguel Ángel Riquelme, stressed that the merger of both companies made an investment of 100 million dollars and that this company will be essential in the creation of a green energy automotive cluster.
“We are reinforcing the capacity of our JV plant to develop and produce advanced electric vehicle sub-assemblies. The Ramos Arizpe plant represents one of the key pillars of LG’s long-term strategy to become the automotive industry’s benchmark innovation partner,” said Eun Seok-hyun, president of vehicle component solutions company LG.
Meanwhile, Cheong Won-suk, CEO of LG Magna e-Powertrain, explained that the continued success of the JV will enable it to better support its customers with best-in-class components for the next generation of electric vehicles and help expand its presence in the world market.
“In just over a year we added an expansion agreement, identified a strategic location to support our customer and are now in the process of realizing our plans,” said Tom Rucker, president of Magna Powertrain.
He added that “the construction of a new facility is a true testament to the strength of collaboration and commitment in delivering innovative solutions to customers to meet their challenges. He also reinforces the participation in the transformation of electrification”.
GM is the primary customer for this new facility and will play a key role in building a strong, scalable, sustainable and North American-focused electric vehicle supply chain.