Magna International. Breaks Ground on Michigan Plant Which Will Build Battery Enclosures
February 23 2021 - 11:52AM
Dow Jones News
By Stephen Nakrosis
Magna International Inc. on broke ground on a new factory in
Michigan which will build complex battery enclosures for the 2022
GMC Hummer EV.
Magna said its Magna Electric Vehicle Structures will cover
345,000 square feet and represents an investment of over $70
million. The company also said the plant is expected to bring over
300 jobs to the city of St. Clair.
"The battery enclosure contributes to the structural and safety
aspects of a vehicle's frame and protects high-voltage batteries
from damage and water," Magna said.
John Farrell, the president of Cosma International, Magna's body
and chassis group, said "The move toward electrification allows us
to rethink what is possible and demonstrate how we can leverage our
core strengths to continue bringing customers innovative solutions
that help them meet their goals, no matter how challenging."
Production is expected to begin in early 2022, the Aurora,
Canada, company said.
Shares of Magna Intl. gained 70% over the past 12 months.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 23, 2021 11:37 ET (16:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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