LG Magna e-Powertrain, the joint venture between LG Electronics and Magna formed in 2021, plans to build a new factory in Miskolc, Hungary.

The facility “is strategically located near OEM customers and other Magna facilities throughout the region”.

Scheduled for completion in 2025, the 284,000 square foot facility will start production with electric motors and will eventually offer a range of electrified powertrain components, including inverters and on board chargers.

At initial start of production in 2026, the factory is expected to create 200 new jobs.

“With this new capacity – the JV’s first in Europe - LG Magna e-Powertrain is well positioned to keep pace with customer demands and increases in global EV production,” said Diba Ilunga, president of Magna powertrain.

“Along with the facilities in Mexico, China and South Korea, the factory in Hungary will be critical as the company accelerates its position as a go to mobility products partner in the fast-growing global EV market,” added LG Magna e-Powertrain CEO Cheong Won-suk.

The company has received subsidies from the Hungarian government and local authorities.