Magna looking for partnership deals with battery cell manufacturers
By Andrew C., 27 Aug, 2010. 0 Comments
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Rather than focusing its attention on taking over automakers, Magna International Inc. is now hoping to enter partnership deals with battery cell manufacturers as it aims to power a wave of electric vehicles under development with its products. Co-CEO Don Walker told Reuters that Magna is also open to acquiring parts suppliers.
The collapse last November of Magna's bid to purchase a stake in General Motors Co.'s Opel unit had been highly publicized. With Magna's announcement that its focus is on its core auto-parts business, we can expect that there won't be as much controversy to be heard about the company.
Walker said that Magna wants to manufacture lithium-ion battery packs and is thinking about putting up battery manufacturing facilities in North America. To power one electric vehicle, it requires one battery pack that is assembled from hundreds of cells. Walker asserts that Magna believes that the best technology for electric vehicles is the use of lithium-ion batteries. [via autonews]
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