{"id":781719,"date":"2023-09-04T02:33:05","date_gmt":"2023-09-04T06:33:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lg-magna-e-powertrain-expands-footprint-with-new-facility-in-hungary\/"},"modified":"2023-09-04T02:33:05","modified_gmt":"2023-09-04T06:33:05","slug":"lg-magna-e-powertrain-expands-footprint-with-new-facility-in-hungary","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lg-magna-e-powertrain-expands-footprint-with-new-facility-in-hungary\/","title":{"rendered":"LG Magna e-Powertrain Expands Footprint With New Facility in Hungary"},"content":{"rendered":"

\nJoint Venture adds 4th Production Facility to Support Con-tinued Growth in EV Market
\n<\/h2>\n
\n

MUNICH, Germany, Sept. 04, 2023 (GLOBE NEWSWIRE) — LG Magna e-Powertrain, the Joint Venture (JV) between LG Electronics (LG) and\u00a0Magna (Magna) formed in 2021, announced at IAA Mobility 2023 that it is expanding its footprint with a new facility in Miskolc, Hungary. The facility will be in Miskolc\u2019s industrial area which features well-developed infrastructure and is strategically located near OEM customers and other Magna facilities throughout the region. The company has also received strong support from both the Hungarian government and local authorities.<\/p>\n

Scheduled for completion in 2025, the new facility will start production with e-motors and plans to\u00a0offer a suite of electrified powertrain solutions in the future, including inverters and on-board chargers for the growing EV market.<\/p>\n

The 284,000-square foot facility will be LG\u00a0Magna e-Powertrain\u2019s first production operations in\u00a0Europe and, at initial start of production in 2026,\u00a0the company expects to create roughly 200 new jobs.<\/p>\n

\u201cAdding the new Hungary facility marks another milestone for the JV in executing its growth plan,\u201d said Diba Ilunga, president of Magna powertrain. \u201cWith this new capacity \u2013 the JV\u2019s first in Europe – LG Magna e-Powertrain is well positioned to keep pace with customer demands and increases in global EV production.\u201d<\/p>\n

\u201cOur new facility is a testament to the remarkable growth of LG Magna e-Powertrain, thanks to our strong partnership,\u201d said Eun Seok-hyun, president of LG Vehicle component Solutions (VS) Company. \u201cThe new facility aims to meet the demands of European\u00a0automakers, demonstrating our commitment to delivering innovative solutions to our\u00a0customers.\u201d<\/p>\n

As the industry shifts toward vehicle electrification, the JV offers automakers a scalable portfolio including complete component solutions that enable electrification and functionality.<\/p>\n

\u201cThis new facility seeks to amplify the growth of LG Magna e-Powertrain in the European market,\u201d said Cheong Won-suk, chief executive officer of LG Magna e-Powertrain. \u201cAlong with the facilities in Mexico, China and South Korea, the facility in Hungary will be critical as the company accelerates its position as a go-to mobility solutions partner in the fast-growing global EV market.\u201d<\/p>\n

The joint venture combines Magna\u2019s expertise in electric powertrain systems and operational excellence, with LG\u2019s capabilities in component development for e-motors, inverters and\u00a0on-board chargers. The collaboration in design, engineering and manufacturing happening within LG Magna e-Powertrain allows both companies to capitalize on market trends and address customer needs with innovative solutions.<\/p>\n

\n ABOUT LG MAGNA E-POWERTRAIN<\/strong>
\n
LG Magna e-Powertrain launched in\u00a0July 2021\u00a0as a joint venture between LG Electronics and\u00a0Magna. We are driven by the strong synergy created by combining LG\u2019s capability in EV component and Magna\u2019s experience in traditional automotive business. Based on the technologies and manufacturing competitiveness on key components of EV powertrain \u2500 motors, inverters, converters, IPGM, and more \u2500 we are growing into a top e-mobility solutions partner leading the rapidly changing EV component market. More than 1,900 LG Magna employees in\u00a0Korea,\u00a0North America,\u00a0Europe,\u00a0South America, and\u00a0Asia\u00a0are working organically throughout technology innovation, marketing, R&D, purchasing, and manufacturing.<\/p>\n

For more information, please visit www.lgmagna.com and follow us on LinkedIn \u201cLG Magna e-Powertrain\u201d.<\/p>\n

\n Media Contacts:<\/em>\n <\/p>\n\n\n\n\n\n\n
LG Electronics, Inc.\u00a0<\/td>\nMagna International Inc.\u00a0 \u00a0\u00a0<\/td>\n<\/tr>\n
L\u00e9a Lee<\/td>\nTracy Fuerst<\/td>\n<\/tr>\n
+82 2 3777 3981\u00a0 \u00a0\u00a0<\/td>\n248-761-7004<\/td>\n<\/tr>\n
\n lea.lee@lge.com<\/a>\n <\/td>\n\n Tracy.fuerst@magna.com<\/a>\u00a0<\/td>\n<\/tr>\n
\n www.LGnewsroom.com<\/a>\u00a0<\/td>\n\u00a0www.magna.com<\/a>\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE \u201cFORWARD-LOOKING STATEMENTS\u201d UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA\u2019S REGULATORY FILINGS. PLEASE REFER TO MAGNA\u2019S MOST CURRENT MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA\u2019S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA\u2019S WEBSITE AT WWW.MAGNA.COM<\/a><\/strong>
\n .<\/strong>
\n \n <\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/0cb296fb-5e38-405d-8eea-0117958609be<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Joint Venture adds 4th Production Facility to Support Con-tinued Growth in EV Market MUNICH, Germany, Sept. 04, 2023 (GLOBE NEWSWIRE) — LG Magna e-Powertrain, the Joint Venture (JV) between LG Electronics (LG) and\u00a0Magna (Magna) formed in 2021, announced at IAA Mobility 2023 that it is expanding its footprint with a new facility in Miskolc, Hungary. The facility will be in Miskolc\u2019s industrial area which features well-developed infrastructure and is strategically located near OEM customers and other Magna facilities throughout the region. The company has also received strong support from both the Hungarian government and local authorities. Scheduled for completion in 2025, the new facility will start production with e-motors and plans to\u00a0offer a suite of electrified powertrain solutions in the … <\/p>\n

Continue reading “LG Magna e-Powertrain Expands Footprint With New Facility in Hungary”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-781719","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nLG Magna e-Powertrain Expands Footprint With New Facility in Hungary - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lg-magna-e-powertrain-expands-footprint-with-new-facility-in-hungary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LG Magna e-Powertrain Expands Footprint With New Facility in Hungary - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Joint Venture adds 4th Production Facility to Support Con-tinued Growth in EV Market MUNICH, Germany, Sept. 04, 2023 (GLOBE NEWSWIRE) — LG Magna e-Powertrain, the Joint Venture (JV) between LG Electronics (LG) and\u00a0Magna (Magna) formed in 2021, announced at IAA Mobility 2023 that it is expanding its footprint with a new facility in Miskolc, Hungary. 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