[Apha Biz=(Chicago) Reporter Paul Lee] LG Electronics said, "We will build LG Magna's electric vehicle parts production plant in Miskolc, northeastern Hungary."

LG Magna is a driving motor production corporation established in 2021 jointly by LG Electronics and Canadian auto parts maker Magna. The driving motor is a device that turns electrical energy into kinetic energy and rolls the wheels, which plays a key role in the electric vehicle powertrain (power unit). LG Magna currently has factories in Incheon, China and Mexico, and this is the first time it has entered Europe. The plan is to build a 26,000㎡ factory by 2025.

Hungary is a representative stepping stone for domestic companies to enter the European electric vehicle market. It is close to Germany and France, which are strong in finished cars, and institutional conditions such as low labor and tax benefits are also favorable.

The LG Group already has a secondary battery separator corporation in Hungary, and also operates a battery plant for LG Energy Solutions in neighboring Poland. Hyundai Motor has production plants in the nearby Czech Republic and Kia in Slovakia.

 

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