Magna, Ontario Team Up on Green Autos | Climate News

Magna International CFO Vincent Galifi. Photo credit: Reuters

Magna International and the province of Ontario determination spend C$432 compensation ($441 million) in excess of six existence to expand electric vehicle technologies.

The Canadian province, the middle of Canadas auto industry, determination contribute C$48.4 compensation to the total, a administration spokesman supposed on Monday.

œWe are delighted to get delivery of hold up as of Ontario to follow our objective of transitioning Canadas automotive design, manufacturing and manufacturing in the direction of the spotless economy, supposed Magna Chief Executive Don Walker in a release.

The funding determination go in the direction of rising electric car concepts, lesser for electric cars, lightweight resources and components, and an option power project, taste an predictable 728 new jobs.

Some projects determination be overseen by the Aurora, Ontario-based companys E-Car venture, supposed a Magna spokeswoman. Others determination center on creation non-electric cars additional efficient.

Magna founder Frank Stronach, who stepped downward as chairman previous petroleum year, holds a 27 proportion stake in Magna E-Car.

Continue interpretation at REUTERS