Benzinga | Nov 30, 2021 04:17PM EST

Dana JV To Build New Electrodynamics Facility In Sweden

Dana Inc (NYSE:DAN) announced that its Dana TM4 joint venture is establishing a new manufacturing facility in ?m?l, Sweden, to initially produce electric motors for the mobility industry. Dana TM4 is a JV between Dana and renewable energy producer Hydro-Qu?bec.

* The $50 million fully sustainable operations have received $10.7 million in support from the Swedish business development community.

* Dana expects the new facility to boost its ability to deliver clean-energy technologies and fully integrated e-Propulsion systems across all mobility markets.

* The facility is expected to open in late 2022 and will produce a range of Dana TM4 Motive high-speed electric motors for vehicles that will begin production in the first half of 2023.

* Price Action: DAN shares are trading lower by 1.36% at $22.41 on the last check Monday.