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LG Electronics ramps up EV motor production amid mobility pushBy Yonhap
Published : Feb. 9, 2021 - 09:11
LG recommends its local production sites allow workers to go on vacation on Wednesday for the Lunar New Year's Day, which falls on Friday, but its EV motor factory in Incheon, 40 kilometers west of Seoul, will run during the holiday period to meet growing demand.
The South Korean home appliance maker has been focusing on bolstering its automotive business for its future growth.
In December, the company announced it will establish a joint venture with Canadian auto parts maker Magna International Inc. that will produce EV powertrains.
Industry insiders said LG Electronics will manage its automotive business with three units. With its vehicle component solutions (VS) division focusing on in-vehicle infotainment development, ZKW Group, which was acquired by LG in 2018, will lead the automotive lighting sector, while LG Magna e-Powertrain Co., the joint venture with Magna, driving the EV components business.
LG's VS division reported its operating loss narrowed to 2 billion won ($1.78 million) in the fourth quarter of 2020, and that it aims to make a turnaround this year. (Yonhap)
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