LG and Magna Builds First Joint European Factory in Miskolc

The joint venture between LG of South Korea and Magna of Canada is building its first European factory in Miskolc., MTI reports.

The HUF 20 billion investment - over 30% of which is covered by Hungarian taxpayers in the form of non-refundable state subsidy - is expected to create more than 200 new jobs in the northeastern Hungarian city.

The LG Magna joint venture will produce inverters and on-board chargers for electric cars, with trial production starting in 2025.