Magna-LG Mexican plant to supply components for GM electric vehicles
2022.04.19 18:12
FILE PHOTO: The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo
(Reuters) – Magna International (NYSE:MGA) and LG Electronics are constructing a factory in the Mexican city of Ramos Airzpe that will supply electric vehicle components to General Motors Co (NYSE:GM), starting in 2023.
The plant, which is being built by the LG Magna e-Powertrain joint venture, will make EV motors, inverters and on-board chargers.
GM said a year ago that it planned to invest more than $1 billion in its Ramos Arizpe assembly plant, which will begin building EVs in 2023.
GM’s Ramos Arizpe plant currently builds the gasoline-powered Chevrolet Equinox and Blazer SUVs. The automaker has not said where it plans to build the new electric versions of those vehicles, which are due to begin production in 2023.
LG Magna e-Powertrain said its new facility will be the joint venture’s first production base in North America and is expected to create 400 jobs.
