Magna planning battery factory for EVs in U.S., Europe

Magna Milan EV Concept

Battery manufacturers are all scurrying to secure for themselves, a relevant role in the impending boom in electric vehicles. Magna International Inc., is one such company; the Canadian company is actively seeking locations to produce batteries for electric vehicles.

CEO Siegfried Wolf has said that $200-$300 million has been earmarked for each of two factories- one in the U.S. and one in Europe.

Magna started a new business earlier in the year whereby they will focus exclusively on electric cars, producing battery units as well as complete vehicles. The company’s E-car business is a joint venture with Magna’s founder Frank Stronach and is part of a deal that will reduce his direct influence on Magna.

Wolf said that the decision about where to build the battery factories would come by year”s end. He said the company will begin serial car production in 2012 or 2013.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)