Magna International Inc. is expanding its presence in China by opening a new facility in Wuhu to meet the growing demand for electric drive systems. The site will initially supply Chery and aims to support more automakers in the future. The facility will produce eDrive systems for battery-electric vehicles and is expected to create around 200 jobs. These technologies help automakers meet emissions standards and improve efficiency. Magna’s stock closed at $47.65 and later dropped to $47.56 in overnight trading. The company’s move strengthens its position as a global powertrain technology provider.

Read more at Nasdaq: Magna Opens New Wuhu Facility To Meet Rising Electric Drive System Demand