News on September 6,LG Magna, a joint venture between LG Electronics and Canadian auto parts manufacturer Magna International Inc., announced on Monday,

A factory for electric vehicle (EV) components will be built in Hungary.

It is reported that the plant is expected to be completed in 2025. It is the first production base in the strategic layout of the European market. It will produce key components of electric vehicle power systems such as motors, inverters and converters for European automakers.

LG Magna said that it chose Hungary to build a European production base because of factors such as its proximity to major European vehicle customer companies and the synergy with Magna. After the Hungarian plant is completed, LG Magna will own four production factories including Incheon, South Korea, Nanjing, China, and Ramos Arizfe, Mexico.