18:47:35 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 286,163,392
Close 2023-07-21 C$ 82.41
Market Cap C$ 23,582,725,135
Recent Sedar Documents

Globe says Magna to spend $790M (U.S.) in Tennessee

2023-07-21 07:14 ET - In the News

The Globe and Mail reports in its Friday, July 21, edition that Magna International will spend more than $790-million (U.S.) in Tennessee to build three factories that will make components for Ford Motor's electric vehicles. The Globe's Eric Atkins writes that Magna said the plants will produce battery enclosures, truck frames and seats for Ford's electric F150 pick-up by 2025, creating 1,300 jobs. Magna's frame, seat and battery-box factories will be the first suppliers in Ford's new Blue Oval City campus, an electric-vehicle centre northeast of Memphis. The third factory, which will be located in Lawrenceburg, will also stamp frames. Governments in the United States and Canada are spending billions for EV manufacturers to build factories and bolster their battered auto sectors ahead of laws mandating electric-vehicle sales ratios and tougher emissions rules. Ford has said it will spend $11-billion (U.S.) in Tennessee and Kentucky to build EV and battery plants. Ford has received $1.3-billion (U.S.) in subsidies for the new plants. That amount includes $884-million (U.S.) in taxpayer subsidies from the state of Tennessee to build Blue Oval City, which Ford says will produce 500,000 trucks a year.

© 2024 Canjex Publishing Ltd. All rights reserved.