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Magna Expanding EV Powertrain Production in China
Magna (TSX: MG; NYSE: MGA)* said this week that it is increasing its presence in China with a new facility in the Jiujiang Economic Development Zone, Wuhu to support the growing demand of electric drive systems—starting with Chery but ultimately capable of supplying additional automakers in the future.
“This expansion reflects Magna’s commitment to supporting our customers’ electrification strategies and advancing sustainable mobility,” said Diba Ilunga, President Magna Powertrain. “Wuhu offers a strong industrial foundation and an environment conducive to innovation. We are excited to bring our world-class electric drive technologies closer to Chery and other partners in China.” Continue reading →