Magna Takes Stake in Lithium Americas Corp.

Canadian vehicle components maker $10.5 stake to secure a reliable supply of the metal used to make electric car batteries.

Published: 08-Jan-2010

Magna International Inc., a Canadian vehicle components maker, took part in a $10.5 million equity financing by Toronto-based Lithium Americas Corp., to secure a reliable supply of the metal used to make batteries for electric vehicles, the Globe & Mail reported, without saying where it got the information.

The transaction gives Magna the right to buy a percentage of any lithium produced by the mining company in exchange for an interest-free loan, the newspaper reported.

Magna spokeswoman Tracy Fuerst declined to comment, the Globe & Mail added.

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