Brampton, Ontario — Ontario’s automotive manufacturing giant, Magna International, is throwing around big money in the pursuit of an EV battery enclosure plant in Brampton, announcing Wednesday that $471 million has been earmarked for the project.
Alongside funding what is projected to be a $265 million building project, Magna’s investment will also go toward creating a total of 1,000 new jobs in Ontario, 560 of which will be located in Brampton, once the facility is at full production.
A press release from Ontario’s government says that up to 475 additional positions are expected to be created across Magna’s five other facilities in Guelph, Windsor, Belleville, Newmarket and Penetanguishene, as a result of this investment.
For its part, the province is putting forth $23.6 million, through Invest Ontario, to support the project.
“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 Minister of Economic Development, Job Creation and Trade Vic Fedeli.
“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.”
