LG-Magna JV to make EV parts in Mexico for GM

Canadian supplier Magna Worldwide Inc. and South Korea’s LG Electronics Inc. broke ground now on a manufacturing facility in Mexico that will supply elements for General Motors’ electric powered motor vehicles, the companies reported nowadays.

LG Magna e-Powertrain, the joint undertaking designed in 2021 between the two providers, designs to open a 260,000-square-foot plant in Ramos Arizpe, Mexico, by 2023. The plant will use about 400 men and women developing inverters, motors and on-board chargers for GM, the companies mentioned in a statement.

“In the room of just above a person year, we’ve additional an expansion arrangement, recognized a strategic site to help our purchaser, and are now in the procedure of noticing our ideas,” Magna Powertrain President Tom Rucker mentioned in a statement.

“The developing of a new facility is a legitimate testament to the strength of this collaboration and dedication in delivering innovative answers to shoppers to satisfy their problems.”

The plant’s groundbreaking arrives approximately a year and a 50 % soon after LG and Magna introduced their joint venture in December 2020 and fewer than a year following the deal shut in July 2021. The undertaking, reportedly valued at about $1 billion in 2020, employs 1,300 individuals globally, in accordance to a information release.

The value of the production expense was not disclosed, nor was it instantly crystal clear which GM autos or assembly vegetation the LG-Magna manufacturing facility will offer. A Magna spokeswoman declined to remark.

GM has strategies to create EVs at its Ramos Arizpe plant by 2023, the same calendar year the LG-Magna factory is expected to be up and working. The automaker explained last 12 months that it would commit about $1 billion to retool that plant for EV generation.

The GM Ramos Arizpe plant is anticipated to begin output of an electric powered Chevrolet Blazer product in mid-2023, followed by the Chevy Equinox EV later on that yr, and then a product for Honda in 2024, according to AutoForecast Options LLC.

LG-Magna e-Powertrain termed GM its “foundational client” for the new manufacturing facility, saying it will participate in a “vital part in GM’s journey to develop a robust, scalable, sustainable and North The united states-focused EV provide chain.”

“The JV’s ongoing achievement will enable us to improved guidance our buyers with finest-in-class elements for the upcoming era of electrical automobiles, and enable us to expand our presence in the fast-growing worldwide EV current market,” LG-Magna CEO Cheong Gained-suk reported in a assertion.

Magna ranks No. 4 on the Automotive News record of the best 100 world-wide suppliers, with throughout the world pieces gross sales to automakers of $32.65 billion in 2020.

Hannah Lutz contributed to this report.

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