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Contract manufacturer Magna International shared plans to invest over $470 million to expand its existing operations across Ontario, Canada, expecting to create over 1,000 new jobs. In addition to the expansion of five of its current facilities in Canada, Magna will lease a battery enclosure plant to support the production of the Ford F-150 Lightning and future EVs from other OEMS.

Magna International is a globally recognized automotive contract manufacturer with over 130 production and assembly facilities across North America, Europe, Asia, South America, and Africa. Its Steyr plant is currently home to the assembly of the Fisker Ocean, which began production this past November.

Last fall, we covered news that Magna was investing over $500 million to expand its existing US footprint of 32 plants and 10,000 jobs operating in Michigan alone. Plans included the expansion of battery enclosure manufacturing in St. Clair, in addition to new facilities to build powertrains in Shelby Township and seating components in Detroit.

Earlier this week, we learned that Magna will be building the battery enclosures for GM’s upcoming Chevy Silverado EV in Michigan ahead of production later this year. Up North in Magna’s native Canada, the contract manufacturer is injecting millions into its existing plants to further support booming EV production.

Additionally, it will establish a new facility to build more EV battery enclosures for OEMs, beginning with its Michigan neighbor Ford and its ultrapopular F-150 Lightning pickup.

Magna plant
A rendering of Magna’s new battery enclosure plant planned for Brampton, Ontario / Credit: Magna International

Magna to invest over $470 million in Canadian plants

The contract manufacturer shared details of how its latest massive investment in expanded production will break down, including the planned Heart Lake facility in Brampton, Ontario, as seen in the rendering above. Magna chief sales and marketing officer, Eric Wilds, spoke to the plant expansion plans and the 1,000+ jobs they will create in the coming years:

Magna’s roots in Ontario run deep, and we are excited about opening a new facility dedicated to a strategic electrification product. The Brampton facility, coupled with investment and growth in five existing Ontario facilities, allows Magna to keep up with customer demands across several product areas. We are excited to bring new business, more investment and additional jobs to Ontario.

In Canada alone, Magna International is operating 49 manufacturing plants that hum, thanks to 18,500 employees. The company said it is already hiring for various positions as it works to expand the facilities below. Here’s how the investment and expansion will break down:

  • Brampton – Lease the aforementioned 490,000 square-foot facility for EV battery enclosure manufacturing. Operations to begin in Q2, 2023 with approximately 560 new jobs expected when the site reaches full production.
  • Guelph – Add e-coat, molding, and welding capacity to existing exteriors plant to further support new EV production. Expansion will total 120,000 square feet and will create about 175 new jobs. Production is expected to begin in Q2, 2023.
  • Belleville – Magna will add roughly 100 jobs to its lighting plant by bolstering printed circuit board assembly capabilities. Operations planned to begin in Q4, 2023.
  • Newmarket – Grow its mechatronics business (side door latches, electronic control units, and power systems), expected to create about 75 new jobs.
  • Windsor – Magna’s other mechatronics plant is in the process of adding powered aluminum tonneau cover manufacturing and plans to add approximately 110 new jobs.
  • Penetanguishene: Expand tailgate hinge production with over 15 new jobs planned.

As you can see, some of Magna’s plant expansions are already underway, and all are expected to be complete before the end of 2023. Canada’s minister of economic development, job creation, and trade, Vic Fedeli, welcomed Magna’s latest investment in the country and the new careers it will support:

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. 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.

With these expansions in the US and Canada, Magna remains the largest contract manufacturer on the continent and one of the biggest around the globe.

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OpenAI says Robinhood’s tokens aren’t equity in the company

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OpenAI says Robinhood's tokens aren't equity in the company

Jaque Silva | Nurphoto | Getty Images

OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.

“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”

Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.

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Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.

“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”

The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain

U.S. users cannot access these tokens due to regulatory restrictions.

Robinhood hits record high as OpenAI, SpaceX go on-chain

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BYD launches new discounts, offering +50% off smart driving tech

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BYD launches new discounts, offering +50% off smart driving tech

Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.

BYD introduces new discounts on smart driving tech

After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”

Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.

BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).

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It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.

The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).

BYD-new-discounts
BYD Fang Cheng Bao 5 SUV testing (Source: Fang Cheng Bao)

Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).

Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.

BYD-Tai-3-electric-SUV
BYD Fang Cheng Bao Tai 3 electric SUV (Source: Fang Cheng Bao)

The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.

BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.

The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.

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Dahon launches first super-lightweight e-bike that is actually affordable

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Dahon launches first super-lightweight e-bike that is actually affordable

Every year, it seems like there’s a new headline about the world’s lightest electric bike. Each year, engineers manage to shave a few more grams off of an exotically designed frame built with even more exotic materials. And each year, the continuously lower weight is balanced by continuously higher prices – often exorbitantly high. But now Dahon has bucked that trend, offering us an incredibly lightweight electric bike at a price that normal e-bike riders can afford. Meet the Dahon K-Feather.

To put things in perspective, some of the previous lightest electric bicycles have included the 11.8 kg (26 lb) LeMond Prolog at US $4,500, the 11.75 kg (12.59 lb) Trek Domane+ SLR at US $8,999, and the 10 kg (22 lb) Hummingbird Flax folding e-bike at US $6,050.

So with that in mind, please allow me to introduce you to the new Dahon K-Feather. This is a 12 kg (26.5 kg) folding electric bike priced at an incredibly reasonable US $1,199 in North America or €1,499 in Europe.

Sure, it’s not the absolute lightest folding e-bike we’ve ever seen, but it’s 90% of the way there and at a quarter of the price. Plus, it comes from Dahon, which is one of the most respected names in the folding bike world and is largely credited with paving the way for the booming folding bike industry we see today. Since the 1980s, Dahon’s innovative designs have been imitated around the world, yet the folding bike maker has continued to innovate and stay several steps ahead of competing brands.

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The K-feather achieves its extra low weight through the combination of a novel frame design employing Dahon’s patented frame designs, including the company’s DELTECH technology and “super down tube,” which help improve rigidity and robustness while reducing weight.

The electrical system on the K-Feather is also a featherweight, keeping the e-bike largely in the last-mile category. While the battery claims a maximum range of up to 24.8 miles (40 km), real-world riding and hilly terrain could reduce that range. Still, clever designs like a system that automatically shuts off the extra motor power when detecting a downhill segment help to eke out more range from the small 24V and 5Ah battery.

The ultra-lightweight 250W hub motor also offers just 32 Nm of torque, meaning the assist is more of a helpful push than a powerful shove. But with the inclusion of a torque sensor for the pedal assist, that push comes on quickly and reliably, making the bike feel more like a traditional analog bike being pedaled by someone with extra strong legs.

With 16″ dual-wall rims and 14g spokes, this isn’t the heavy fat tire folding e-bikes we’re used to in North America, and the capacity reflects that. The K-Feather is rated to support riders weighing up to 105 kg (231 lb), though the highly adjustable seating position can support a range of rider heights from 145 to 190.5 cm (4’9″ to 6’3″).

Coming in six colorways, the Dahon K-feather folding e-bike is now available in the US and has launched for pre-order in Europe, with shipments there expected in September.

I had a bit of a preview of the K-feather on my last trip to China when I was able to visit Dahon’s headquarters and test ride the bike.

I still can’t believe how light it felt, both underneath me and while folding it up and carrying it around. Be on the lookout for that full experience from my trip, coming soon.

Electrek’s Take

The K-Feather represents a compelling milestone not just for Dahon, but for the entire folding e-bike market. By delivering a truly lightweight, compact, and fully electric folder at an impressively affordable price point, Dahon has made minimalist e-mobility more accessible than ever.

It’s not just a bike for die-hard lightweight e-bike connoisseurs; it’s a real-world solution for commuters, travelers, and apartment dwellers who want the freedom of electric assist without the bulk or the sticker shock. If the goal is to get more people on two wheels, the K-Feather might just be one of the most important steps forward yet.

Coming in at less than half the weight of most folding e-bikes, and still a fraction of most lighter-duty folders, the K-Feather’s modest performance makes it a great urban ride for those who favor compact size and light weight. In fact, I think it might be perfect for my mother-in-law, who needs an e-bike to get to and from the train she takes to work, but also needs it to be light enough to carry up to her second-story apartment. Hmmm, perhaps I should have her do a review for us…

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