North America’s leading automotive supplier, Magna International Inc. teamed up with the Province of Ontario to develop new electric vehicle technology over the next six years. The program will see some $432 million invested with the provincial government footing the bill for $48.4 million.
The announcement comes hot on the heels of another electric vehicle program, in this case Toyota, which announced it would produce its first electric vehicle outside of Japan, the RAV 4 EV crossover, which will be built at company’s Stratford, Ont. facility.
Magna is no stranger to EV technology, having introduced its first electric car last year to demonstrate the parts and technology it can offer, as auto manufacturers look towards the greater electrification of their products. Magna, of which company founder and former chairman Frank Stronach still owns a 27 stake; also partnered with Ford Motor Company for development of its Focus Electric, due on sale next year.
