Magna-LG JV Taps GM As Foundational Customer For New Facility In Mexico

LG Magna e-Powertrain, a joint venture (JV) between LG Electronics and Magna International Inc MGA, marked the groundbreaking of its new plant in Ramos Arizpe, Mexico. General Motors Co GM is the foundational customer for the new facility.
The new facility will produce inverters, motors, and on-board chargers to support General Motors' electric vehicle (EV) production.
The 260,000 square foot plant will be LG Magna e-Powertrain's first production base in North America and will create around 400 new jobs.
Last year, GM revealed its plan to invest more than $1 billion in Ramos Arizpe Manufacturing Complex, which will start producing EVs in 2023.
Price Action: MGA shares are trading higher by 2.79% at $62.96 on the last check Tuesday.