Magna’s $530 million expansion plan in Michigan

Magna Powertrain of America Inc. said it will invest $96.2 million into a leased 200,000-square-foot plant, according to the memo, which did not disclose the project address.

The company would manufacture internal components for EV battery trays at the plant with a production capacity of 13 million units by 2023 and nearly 74 million by 2030.

Magna expects to employ 159 workers at an average wage of $2,500 per week plus benefits.

The MEDC approved a $1.3 million grant for the project and a 50 percent SESA tax exemption for up to five years totaling $370,000 in value. Additionally, Shelby Township anticipates approving a local tax abatement for the plant.

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