Magna gets Ontario funding to develop electric vehicle technology

In a move to advance “green” engineering in the automotive industry, parts supplier Magna International Inc. and the Ontario government will invest more than $430 million to research and develop electric vehicle (EV) technology.

The provincial government’s contribution to the initiative will total $48 million, with the remainder of the funds coming from Magna.

According to Ontario government officials, the plan will create more than 700 jobs and maintain about 1,300 at Magna facilities in Brampton, Aurora, Concord, and St. Thomas, Ont.. 

The planned job creation will occur by 2017, assuming all research projects are successful, the officials continued.

The announcement marks the latest investment in EVs in Ontario. Last month, Ottawa and the Ontario government said they would contribute $142 million to Toyota Motor Manufacturing Canada plants in Ontario to promote green technology and build the company’s first EVs manufactured outside Japan.