LG Magna e-Powertrain expands footprint with new facility in Hungary

LG Magna e-Powertrain, the Joint Venture between LG Electronics and Magna, a global mobility technology company, is expanding its footprint with a new facility in Miskolc, Hungary.

"Our new facility is a testament to the remarkable growth of LG Magna e-Powertrain, thanks to our strong partnership. The new facility aims to meet the demands of European automakers, demonstrating our commitment to delivering innovative solutions to our customers," said Eun Seok-hyun, president of LG Vehicle component Solutions (VS) Company.

The 284,000-square foot facility in Hungary, scheduled to be completed in 2025, will start production with e-motors and offer a suite of electrified powertrain solutions in the future, including inverters and on-board chargers for the growing EV market, the South Korean firm said in a statement on Monday.

The facility, LG Magna e-Powertrain’s first production operations in Europe, is expected to create about 200 new local jobs at the start of production in 2026.

Commenting on this development, Diba Ilunga, president of Magna powertrain, said, "Adding the new Hungary facility marks another milestone for the JV in executing its growth plan. With this new capacity - the JV’s first in Europe - LG Magna e-Powertrain is well positioned to keep pace with customer demands and increases in global EV production."

"This new facility seeks to amplify the growth of LG Magna e-Powertrain in the European market. Along 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," said Cheong Won-suk, chief executive officer of LG Magna e-Powertrain.

For the unversed, the LG-Magna joint venture was formed in July 2021 and it combines Magna’s expertise in electric powertrain systems and operational excellence with LG’s capabilities in component development. The JV aims to manufacture e-motor, inverters and onboard chargers as well as related e-drive systems for automakers.