Magna to build two parts plants in Tennessee

(Toronto) Magna International is investing more than $790 million in the United States to build parts plants that will support production of Ford electric trucks.

Ontario-based auto parts giant Aurora said Thursday it will build two facilities in Stanton, Tennessee, that will be among the suppliers of BlueOval City, a Ford site where 500,000 electric trucks can be built annually.

The plants will provide Ford with battery boxes, truck tires 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 factory in Brampton, Ont. , under several 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 will cut prices for its F-150 Lightning trucks by up to C$15,000 as it seeks to increase production and compete.

The company in this transmission: (TSX: MG)

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