LG Magna e-Powertrain, a joint venture (JV) between LG Electronics and Magna International Inc (NYSE: MGA), marked the groundbreaking of its new plant in Ramos Arizpe, Mexico. General Motors Co (NYSE: 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.
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