Magna International Inc. is building of a new state-of-the-art facility in San Luis Potosi, Mexico. The facility will be a division of Cosma International, a Magna operating unit. The building is expected to be approximately 300,000 ft² (28,000 m²) with the ability to expand up to 450,000 ft² (42,000 m²). It will employ approximately 700 people at full capacity and will produce stamped and welded assemblies for various automakers. With the support of federal, state, and municipal authorities from Mexico, the company plans to invest more than $100 million to build the plant. Plant launch is scheduled for June 2012. Volkswagen is also building a new plant in Mexico. Construction work in Silao, Guanajuato, officially began when the foundation stone was laid at a Jan. 27 ceremony. Starting in 2013, state-of-the-art production technology will be used to manufacture the latest generation of engines at the plant. The facility is designed for an annual capacity of 330,000 units. Investment in both developing the new engine and building the new plant totals $550 million USD. It will create approximately 700 new jobs in the medium term. Further jobs in the region will also be created at suppliers and in the logistics sector.