Magna (MGA) and LG Electronics announce a JV to launch a new Powertrain facility in Mexico. This is the JV's first foothold in North America.
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.
With South Koreans inclining towards crypto and blockchain, tech giant LG Electronics has officially updated its business goals to include them.