(RTTNews) - Magna International Inc. (MGA), a Canadian mobility technology company, on Wednesday announced that it is expanding its footprint in China with a new facility in the Jiujiang Economic Development Zone in Wuhu to meet rising demand for electric drive systems.
The move of the new Wuhu operation strengthens the company's position as a global powertrain technology provider.
The site will initially supply Chery and is positioned to support additional automakers over time.
The facility will produce the company's eDrive systems, designed to deliver smooth, high-performance electric propulsion through a scalable architecture suitable for a broad range of battery-electric vehicles.
The newly leased site covers more than 160,000 square feet and is expected to create about 200 jobs once full production is reached.
According to the company, these technologies help automakers meet stringent emissions standards while improving efficiency and driving dynamics.
Magna closed the regular trading session on November 18 at $47.65, down $0.15 or 0.31%. Later, in overnight trading, the share price declined to $47.56, gaining $0.09 or 0.19%, as of 10:25 PM EST.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
