BUSINESS

LG Magna kick-starts plant operation in Korea

By Song Su-hyun
  • Published : Aug 27, 2021 - 11:13
  • Updated : Aug 27, 2021 - 11:15

A robotic arm assembles pieces of powertrain for electric vehicles at LG Magna’s plant in Incheon on Friday. (LG Electronics)
LG Magna e-Powertrain, a joint venture between South Korea’s LG Electronics and Canada’s Magna International, has kick-started its operation in Korea.

The company revealed the inside of its plant located in Incheon on Friday, showing that its operation is going as planned.

At its Incheon plant, the new firm will be dedicated to producing electric motors, inverters, onboard chargers and electric drive systems.

The joint venture officially kicked off on July 1 under leadership of CEO Cheong Won-suk, a 20-year LG veteran who was most recently vice president and head of LG’s vehicle component solutions division’s green business.

Javier Perez, who has been with Magna since 2016, has been nominated the firm’s chief operating officer.

LG and Magna reached an agreement on the joint venture in late 2020.

LG sold a 49 percent stake in its electric vehicle part that is now part of the joint venture for $453.3 million and completed the deal on July 28.


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