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Magna makes $400-million investment in EVs

Officials say plan will create 700 jobs and save 1,300 others at Magna’s Ontario facilities


August 29, 2011
by The Canadian Press

BRAMPTON—Magna International Inc. and the Ontario government will invest more than $400 million to research and develop electric vehicles (EVs).

Officials say the plan will create more than 700 jobs and maintain about 1,300 at Magna facilities in Brampton, Aurora, Concord, and St. Thomas Ont., stemming from a $48-million provincial government investment.

The announcement is yet another in this summer’s long list of electric vehicle investments from major automakers including Toyota and General Motors (GM).

Toyota announced it would spend $141 million in federal and provincial grants to upgrade its Woodstock plant to manufacture the electric-hybrid version of its RAV4 SUV.

Also, GM will develop an electric version of its new Cadillac ELR luxury sedan and has partnered with LG to expand the company’s line of EVs.

Last week, Dana Holding Corp. received a $2-million provincial grant to build heat exchangers for EV batteries to be made at a Cambridge facility.