Magna Wins Battery Enclosures Business On First-Ever Chevrolet Silverado EV

• Manufactured at Magna's state-of-the-art facility in St. Clair, Michigan
  
• New Chevrolet Silverado EV business adds to existing battery enclosure production for the GMC HUMMER EV
• Production to start later in 2023

AURORA, Ontario, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Magna announced today that it has secured new business from General Motors (GM) to supply battery enclosures on the all-new 2024 Chevrolet Silverado EV. The company will produce the enclosures at its Magna Electric Vehicle Structures facility in St. Clair, Michigan, where it already produces the battery enclosure for the GMC HUMMER EV. Magna recently announced significant investment plans for the facility in St. Clair to support the fast-growing electric vehicle market. Production is expected to begin later in 2023.

"The accelerating shift toward vehicle electrification opens up exciting growth opportunities for Magna beyond powertrain," said John O'Hara, President of Magna's body and chassis group. "We have been able to leverage our expertise to supply battery enclosures ? a product for which we see strong potential going forward. We have our eye on the future and are proud to play such a critical role in GM's next generation of electric trucks."

Battery enclosures, which all battery electric vehicles require, house high-voltage batteries, electrical components, sensors, and connectors. They contribute to the structural and safety aspects of a vehicle's frame and protect critical battery components from potential impact, heat and water intrusion. Magna can develop these advanced assemblies in steel, aluminum, and multi-material configurations, including lightweight composites, to meet the individual needs of its customers.

Magna Electric Vehicle Structures, which first opened in 2021, is currently adding a 740,000 square-foot expansion to its existing facility in St. Clair. The company is hiring for various positions including managers, engineers, operators, and more. Those interested in applying, please visit http://www.magna.com/careers.

TAGS
GM Chevrolet Silverado, Electrification, Battery Enclosures, Body and Chassis

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
[email protected], 905-726-7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
[email protected], 248-761-7004

ABOUT MAGNA
Magna is more than one of the world's largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 168,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 343 manufacturing operations and 88 product development, engineering and sales centres spanning 29 countries. 

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

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