LG Magna E Powertrain broke ground today on a new electric vehicle (EV) component plant in Mexico. The new plant, located in the municipality of Silao in the state of Guanajuato, will produce advanced EV components, including electric motors, inverters and battery packs.

The new facility will have an initial production capacity of 10,000 electric motors and 500 battery packs per year. LG plans to increase production capacity in phases to meet the growing demand for EVs. The company expects to create more than 1,200 jobs when the plant is fully operational.

"This new plant is part of our ongoing commitment to investing in the future of mobility," said LG Electronics Vice Chairman and CEO Jo Seong-jin. "As the global market for EVs grows, LG is well-positioned to provide the advanced components that will power the next generation of electric vehicles."

The new plant is the latest addition to LG's growing EV business. In 2017, LG established an EV Innovation Center in Korea to develop new technologies for EVs. The company has also been expanding its production capacity for EV components, including batteries, electric motors and inverters.

LG's electric motors are used in a variety of EVs, including the Chevrolet Bolt EV, the Audi e-tron SUV and the Jaguar I-PACE. The company's inverters are used in the BMW i3 and the Mercedes-Benz B-Class Electric Drive.

"We are very pleased to be working with LG to produce electric motors and batteries for our vehicles," said General Motors Executive Vice President and Chief Financial Officer Dhivya Suryadevara. "This new plant will provide us with the flexibility to meet the growing demand for EVs."

"LG is a valued supplier and partner, and we are proud to be working with them on this new plant," said Audi AG Board Member for Procurement Hans-Joachim Schramm. "This facility will help us meet the increasing demand for EVs."

"Jaguar Land Rover is committed to electrification and we are pleased to be working with LG on this new plant," said Jaguar Land Rover President of Operations Stuart Jones. "This facility will help us meet the growing demand for EVs."