Magna International. Breaks Ground on Michigan Plant Which Will Build Battery Enclosures

   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 [e-mail]

(END) Dow Jones Newswires

February 23, 2021 11:37 ET (16:37 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.