Magna And Government Of Ontario Team Up On New EV Project

Magna And Government Of Ontario Team Up On New EV Project

Our neighbors in the North want to see green in their future. No, not just money, but also green energy. Hence the Government of Ontario (Canada) has teamed up with one of the worlds largest automotive parts manufacturer Magna International Inc. to develop electric vehicle technologies.

The project is said to cost $441-million and will take about six-years to develop. The Ontario government will contribute $50-million towards this green project.

Ontario wants to be taken seriously about its plans for a greener future and is attracting car companies to move it towards this goal. Earlier this year, Toyota announced that it will produce the RAV4 EV model in Ontario, which will be the first electric vehicle produced by Toyota outside of Japan.

The project with Magna will help develop electric car parts and lightweight materials which will be used by other manufacturers. The Ford Focus EV was partly developed by Magna.

Frank Stronach, the founder of Magna owns a 27% stake in a electric car company called E-Car Venture, a connection that will surely help in moving this new project forward.

[Source: Automotive News]