Magna makes $400-million investment in EVs
Officials say plan will create 700 jobs and save 1,300 others at Magna’s Ontario facilities
BRAMPTON—Magna International Inc. and the Ontario government will invest more than $400 million to research and develop electric vehicles (EVs).
Officials say the plan will create more than 700 jobs and maintain about 1,300 at Magna facilities in Brampton, Aurora, Concord, and St. Thomas Ont., stemming from a $48-million provincial government investment.
The announcement is yet another in this summer’s long list of electric vehicle investments from major automakers including Toyota and General Motors (GM).