LG Electronics has announced that it will continue to establish global production bases for key automotive components, despite a short-term slowdown in the global electric vehicle market. During a conference call on October 28, the company stated, "The global electric vehicle market is experiencing delays in growth due to fluctuations in turnover, regional policies, and changes in demand environments. However, the long-term direction toward electrification remains unchanged."
The company also shared updates on its major global production facilities. LG Electronics noted that its plant in Mexico, tailored to meet customer and product portfolio needs, has entered a stable production phase since commencing operations in September 2023. This facility now accounts for over 40% of total sales, significantly contributing to business performance and profitability improvements.
Additionally, LG emphasized that the establishment of a base in Hungary to respond to the European market is progressing smoothly. The company stated, "The Hungary plant is a key hub to meet local value chain demands in Europe," adding that construction and preparations are on track for mass production, targeted for February 2027.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.