Parts supplier Magna International Inc. invests $400 million in electric vehicle R&D

Magna Mila EV Concept

Ontario-based Magna International Inc., who is a major parts supplier for companies like GM, Ford and Chrysler, is said to have invested $400 million in electric vehicle research and development, said the province’s government.

Magna and Ontario’s Economic Development Minister Sandra Pupatello are expected to announce this new investment sometime this afternoon.

The new investment is expected to create more than 700 jobs and maintain about 1,300 at Magna’s facilities throughout Canada.

– By: Chris Chin

Source: Globe and Mail

Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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