The Government of Ontario and Magna International will join forces and invest 432 million R&D dollars in electric vehicle parts and components, at a time when the province is making every effort to position itself as a global leader in the field.
The Ontarian government will provide 48 million of the total amount, and the remaining 384 million will be taken care of by Magna International, the biggest distributor in North America.
Part of the money will go to finance the activities of its E-Car Venture, a company in which the founder of Magna, Frank Stronach, has a 27% stake. E-Car recently won bids to supply various automakers.
E-Car already helped develop the electric Ford Focus and knows a thing or two about EVs, having unveiled a prototype showcasing its electric expertise last year.
In a press release, Magna said it would also be working on developing electric vehicles. The company seems to have a bright future ahead of it and may well become the Tesla Motors of Canada.
Source: Automotive News
The Ontarian government will provide 48 million of the total amount, and the remaining 384 million will be taken care of by Magna International, the biggest distributor in North America.
Part of the money will go to finance the activities of its E-Car Venture, a company in which the founder of Magna, Frank Stronach, has a 27% stake. E-Car recently won bids to supply various automakers.
E-Car already helped develop the electric Ford Focus and knows a thing or two about EVs, having unveiled a prototype showcasing its electric expertise last year.
In a press release, Magna said it would also be working on developing electric vehicles. The company seems to have a bright future ahead of it and may well become the Tesla Motors of Canada.
Source: Automotive News