Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = LG Magna e-Powertrain (hereinafter LG Magna) is embarking on the establishment of its first electric vehicle parts production factory in Europe, known as a strategically important market.

The area of the factory will be 26,000㎡ by 2025 and they plan to hire approximately 200 new employees upon completion.

The factory will produce drive motors along with key components of EV powertrain depending on customer demand in the future.

Based on the new facility, LG Magna will further strenghen its presence in the global market. A total of 4 factories, including those in Korea(Incheon), China(Nanjing) and Mexico(Ramoz Arize), will be operating, and it is expected that the overseas production plants will contribute to enhancing businesses in Europe and the global market.

LG Magna is a joint venture established in July 2021 by LG Electronics and Magna, a global automotive parts manufacturer.

By Eun-young Huh(eunyoung114@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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