Magna International has set aside up to US$600m to invest in two plants to build batteries for electric vehicles, co-CEO Siegfried Wolf told reporters in Vienna.
One factory will be built in the EU and one in the US and a decision on where to build them will be made before the end of the year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Magna started a new E-car business earlier this year that will focus exclusively on electric cars and will produce complete vehicles as well as battery units – still the most expensive and technologically challenging part of electric cars.
Magna’s E-car business is a joint venture with Magna’s founder Frank Stronach and is part of a complex deal that will reduce Stronach’s direct influence on Magna.
Wolf said it would begin serial car production in 2012 or 2013.
