The additional EV tax credit came under fire from Manchin as well as from non-union EV-maker Tesla Inc. and foreign-owned automakers such as Toyota Motor Corp. and Honda Motor Co.
Toyota cut its July global production plan by 50,000 vehicles.
Forvia, which was formerly known as Faurecia, announced its name change following the closing of the Hella deal in February.
CEO Swamy Kotagiri says the supplier's content per vehicle is poised to rise sharply in EVs for products such as all-wheel-drive systems, while Magna's new battery enclosures business is forecast to reach sales of more than $1.5 billion by 2027.
The EV maker -- a Volvo subsidiary -- and the Gores Guggenheim SPAC expect to start trading on the Nasdaq in New York on Friday.
Former Tesla executive JB Straubel leads the five-year-old firm that has focused initial work at a 175-acre campus in northern Nevada. Redwood is planning an even larger operation in the southeastern U.S.
Tesla's CEO expressed concern about the prospect of a U.S. recession. "It's not a certainty, but it appears more likely than not," he said.
