Magna Says It's Seeking U.S. and European Sites to Manufacture Batteries for EVs
By Scott Doggett May 25, 2010
Magna International Inc., Canada's biggest auto-parts maker, says it's planning on investing as much as $600 million on new factories for making lithium-ion batteries for electric vehicles.
Co-CEO Siegfried Wolf told journalists in Vienna today that Magna was scouting out locations for two plants, one of which will be in the U.S. and the other in Europe.
He said Magna would spend $200 million to $300 million per plant and that a decision on the European location will be made by the end of the year.
Lithium-ion batteries are lighter and more powerful than the nickel-hydride batteries now in use. Automakers are trying to lower their costs to pave the way for mass producing electric vehicles.
The battery factories would mark Magna's first lithium-ion production facilities.
Magna, which assembles vehicles such as the MINI Countryman for automakers at its Austrian unit, last year fell short of acquiring its own car brand after General Motors backed off a decision to sell a majority stake in its Opel unit to a group led by the parts maker.
Various automakers have partnered with other companies to make li-ion batteries for EVs, including: BMW and auto-parts supplier Robert Bosch and Korean battery maker Samsung SDI; and, Daimler AG, the maker of Mercedes-Benz cars and trucks, and Evonik Industries AG.
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