Magna entering joint venture with Mitsubishi?
Canadian auto parts supplier Magna International Inc. is said to be in advanced talks to build a joint battery...
August 15, 2010 by Canadian Plastics
Canadian auto parts supplier Magna International Inc. is said to be in advanced talks to build a joint battery plant for electric cars with Japan’s Mitsubishi Motors Corp.
According to a report in Austria’s business daily WirtschaftsBlatt, the deal will likely be signed within two weeks.
As a result of their agreement, the Austrian paper said, a joint battery plant specially designated for assembling electric vehicles (EVs) will be established.
Aurora, Ont.-based Magna has not commented on the report, but CEO Siegfried Wolf has said in the past that the firm was planning to found two EV battery plants – one in Europe and one in the U.S.
Magna has recently created a business division to produce solely EV components and electric vehicles.