Magna International (MG) is spending $470 million to expand its operations in Ontario.
The automotive parts manufacturer said much of the new investment will go towards building an electric vehicle battery enclosure facility north of Toronto.
Magna said it also plans to open a new facility in Brampton, Ontario, and expand existing operations in Guelph, Belleville, Newmarket, Windsor and Penetanguishene.
In all, the company said its investments should create more than 1,000 new jobs in the province.
Magna said the new Brampton facility should be operational later this year.
Expansions of existing Magna facilities will include adding e-coat, molding and welding capacities to its exteriors plant in Guelph, Ontario to support current and future electric vehicle production.
Magna International’s stock has declined 25% over the past 12 months to trade at $75.79 per share.
