Magna planning to build electric vehicles in Canada by 2012
By Andrew C., 27 Aug, 2010. 0 Comments
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Magna International founder, Frank Stronach, revealed plans to build electric vehicles and its components at factories in Canada within three years. Speaking with officials in the Canadian capital this week, Stronach said that he was not looking for grants or handouts from the government. He prefers to fund the project alone; however, he said that he would be willing to accept if the government offers something akin to the ATVM program for low cost loans. Stronach added that he intends to invest $300 million in the Canadian EV program and low interest loans could cover half of that. Magna has been collaborating with Ford on the development of its 2011 electric car program.
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