Ontario will soon receive a $471M infusion in its automotive sector, which will be used to support the opening of a new EV battery enclosure facility in Brampton later this year. The $265M facility is expected to strengthen Ontario’s end-to-end electric vehicle supply chain and create around 560 new jobs.
An announcement made today states that the “transformative investment” will come from Magna International -- a Canadian parts manufacturer for automakers and one of the country’s largest companies -- and will allow the company to expand its Ontario operations. As such, up to 475 new jobs will be created across Magna’s five other facilities in Guelph, Windsor, Belleville, Newmarket, and Penetanguishene.
These projects will also see $23.6M in supportive funding from the province through Invest Ontario.
RELATED: If EVs Are the Future, Affordability Needs to be Addressed Now
“This game-changing investment by Magna will create hundreds of new jobs across the province, while further strengthening Ontario’s end-to-end automotive supply chain,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We’re creating the right conditions for businesses to succeed and continue to work around the clock to attract new investments that build a stronger economy.”
Magna’s investment furthers the government of Ontario’s Driving Prosperity initiative: a 10-year plan to geared at transforming Ontario’s automotive supply chain to build the cars of the future, including fully-battery electric vehicles. Over the past two years, the province has secured $16.5B in investments from global automakers and suppliers of electric vehicle batteries and battery materials. This includes over $12.5B in EV and EV battery-related manufacturing investments.
“Magna’s roots in Ontario run deep, and we are excited about opening a new facility dedicated to a strategic electrification product," said Eric Wilds, Chief Sales and Marketing Officer of Magna. "The Brampton facility, coupled with investment and growth in five existing Ontario facilities, allows Magna to keep up with customer demands across several product areas. We are excited to bring new business, more investment and additional jobs to Ontario.”
