TetherMax Expands into Asian Market Following Rebranding, Names Actor Yun Siyun as Brand Ambassador 
Boeing, SPEEA Reach Tentative Four-Year Labor Deal 
Central Banks Could Buy 20,000 Tonnes of Gold: BofA 
OpenAI Weighs AI Development Slowdown Over Safety Risks 
Volkswagen Job Cuts Put Lower Saxony Leader Under Political Pressure 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Apple Unveils $1,999 Foldable iPhone Duo 
Kioxia Rules Out SK Hynix Manufacturing Partnership 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Nvidia Eyes $10 Billion Investment in Anthropic IPO 
Treasury Buyback Fails to Cool Long-Term Yields 
UK Economy Grows 0.4% in July, Beating Forecasts 
TSMC August Revenue Jumps 53% on AI Chip Demand 
US Treasury Yields Near 5% as Oil Fuels Inflation Fears 
U.S. Accuses Chinese AI Firms of Extracting Model Capabilities 
Add as a preferred source on Google
LG Magna e-Powertrain, the joint venture company of LG Electronics and Magna International Inc., has officially started the construction of its new plant for the production of electric vehicle parts. The facility is set to rise in Ramos Arizpe, Mexico, and company officials attended the groundbreaking ceremony this week.
LG Magna e-Powertrain said that the EV parts plant is expected to be completed some time next year and this was announced on Wednesday, April 20. LG Electronics and Magna have invested $100 million in this joint venture project.
As mentioned in The Korea Herald, the new factory will manufacture motors, inverters, and onboard chargers for General Motors’ electric vehicles. The plant measures 260,000 square feet and this is the very first production base of LG Magna e-Powertrain in North America.
Apparently, GM is LG Magna’s foundational client for its new plant, which will also generate about 400 new jobs in the region. It was reported that this construction is also in accordance with the Detroit, Michigan headquartered automaker’s plan to invest $1 billion in the Ramos Arizpe Manufacturing Complex.
General Motors will begin its production of electric vehicles in the complex in 2023. The company’s target is to turn half of its vehicle models in the United States electric by 2030.
In any case, LG Magna e-Powertrain is a 51:49 joint venture with the bigger share belonging to the South Korean electronics company. This JV firm was established in July 2021, and it is considered one of the primary cornerstones of LG Electronics’ car parts business. The plant in Mexico will be LG Magna’s third facility as it already has production bases in Nanjing, China, and its home country’s Incheon region.
“Strengthening our JV’s ability to develop and produce advanced EV sub-assemblies, the Ramos site represents one of the key pillars of LG’s long-term strategy to become the auto industry’s go-to innovation partner,” LG Vehicle Component Solution Company’s president, Eun Seok Hyun, said in a press release.
LG Magna e-Powertrain’s chief executive officer, Cheong Won Suk, added, “This new facility demonstrates the continuing growth of LG Magna e-Powertrain, and the JV’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.”
