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LG Magna e-Powertrain, a collaboration between LG Electronics and Magna International, is set to construct a groundbreaking electric vehicle (EV) components factory in Miskolc, Hungary. The facility, covering an area of 26,000 square meters, is expected to be completed by 2025, becoming the company's first production base in Europe.
According to CEO Cheong Won-suk, establishing this factory will considerably contribute to the growth of LG Magna e-Powertrain and allow the company to cater to the rising demand in the European market effectively. Miskolc, known for its heavy industry, boasts excellent distribution and transportation infrastructure, making it an ideal location for the company. Furthermore, major European carmakers already have factories nearby.
LG Magna e-Powertrain operates production facilities in South Korea, China, and Mexico. In Mexico, the company recently finished constructing a factory manufacturing inverters, motors, and on-board chargers for General Motors.
Besides its EV component division, LG Electronics has focused on in-vehicle infotainment systems, e-powertrain, and headlamps. Over the past decade, this division has achieved impressive growth, with a consistent annual growth rate of 30 percent. In the second quarter, it recorded sales of 2.66 trillion won (US$2.01 billion), marking the highest second-quarter revenue in LG's history.
With the rapid expansion of the electric vehicle market, LG expects the EV unit's order backlog to surpass 100 trillion won by the end of the year. CEO Cho Joo-wan reaffirmed LG Electronics' commitment to delivering new in-vehicle experiences to customers, recognizing that cars now serve various purposes beyond transportation.
As part of its efforts to gain a larger share in the fast-growing EV parts market, LG Electronics will participate in IAA Mobility 2023, a highly anticipated global mobility show set to take place in Munich. This event serves as another platform for LG to showcase its innovative solutions and further solidify its presence in the EV industry.
