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LG Magna Mexico Plant Exceeds 40% of Revenue; Hungary Facility Targets 2027 Production
🇰🇷 South Korea /Economy & Trade

LG Magna Mexico Plant Exceeds 40% of Revenue; Hungary Facility Targets 2027 Production

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • LG Magna e-Powertrain's Mexico plant accounts for over 40% of its total revenue.
  • The joint venture between LG Electronics and Magna is preparing its Hungary plant for mass production, aiming for January 2027.
  • The Mexico facility began operations in September 2023.

The Mexico plant, established by LG Magna e-Powertrain, a joint venture between LG Electronics and Canadian auto parts manufacturer Magna, is a significant contributor to the company's financial performance, generating over 40% of its total revenue.

This strategic facility commenced operations in September 2023. Its substantial revenue contribution underscores its importance in the joint venture's global operations and its role in supplying electric vehicle powertrain components.

Looking ahead, LG Magna e-Powertrain is actively preparing its Hungary plant for mass production. The company has set a target for the Hungarian facility to begin production in January 2027, indicating a planned expansion of its manufacturing capabilities to meet growing demand in the electric vehicle market.

Details regarding the specific products manufactured at these plants were discussed during LG Electronics' second-quarter earnings conference call on July 30th. Kim Joo-yong, Head of Management Support at LG Electronics' Vehicle Solutions (VS) Business Division, provided insights into the operational status and future plans of the joint venture.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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