(Toronto) Magna International is investing more than US$790 million in the United States to build parts plants that will support production of Ford electric trucks.
The Aurora, Ont.-based auto parts giant said Thursday it will build two facilities in Stanton, Tenn., which will be among the suppliers to BlueOval City, a Ford site where 500,000 electric trucks can be built a year.
The factories will supply Ford with battery boxes, truck frames and seats for its second-generation electric truck, while Magna will also build a stamping and assembly plant in Lawrenceburg, Tennessee.
Magna already produces battery boxes for Ford pickup trucks at a plant in Brampton, Ont., under numerous electric vehicle production deals it has with automakers.
The Brampton plant, which the company announced in February as part of a C$470 million investment in multiple facilities in Ontario, will have about 560 jobs when it reaches full production, while the latest investment in Tennessee will create about 1,300 jobs.
Ford announced Monday that it is cutting prices for its F-150 Lightning trucks by up to C$15,000 as it strives to increase production and competition.
Company in this post: (TSX: MG)