LG and Magna Invest $100 Million Dollars in Electric Car Engine
- LG and Magna will invest $100 million in a plant in Ramos Arizpe, Coahuila, to produce inverters, motors, and chargers for General Motors' electric vehicles.
South Korea's LG and Magna International will invest $100 million dollars in a plant in Ramos Arizpe, Coahuila, which will produce inverters, motors and integrated chargers to support General Motors' production of electric vehicles.
According to LG Magna e-Powertrain, a joint venture between the two firms, the 79,248-square-meter complex will be its first production base in North America and is expected to create around 400 new jobs.
The South Korean vehicle component solutions company's president, Eun Seok-hyun, stressed that the Ramos plant represents one of the key pillars of the company's long-term strategy to become the automotive industry's benchmark innovation partner.
