Magna Seeking Battery Partners for Electric Car

Canadian company looking to become lithium battery pack manufacturer, as well as acquire other related parts suppliers.

Published: 17-Jan-2010

DETROIT -- Magna International Inc (MGa.TO) is looking to strike partnership deals with battery cell manufacturers as it seeks to power a wave of electric vehicles under development with its products, its co-CEO said on Wednesday.

The Canada-based auto supplier is also looking at a number of parts suppliers for potential acquisitions but is no longer interested in taking over automakers, co-CEO Don Walker told Reuters on the sidelines of the Detroit auto show.

Magna has said it will focus on its core auto-parts business and is not considering taking over any other automakers after the collapse of a deal to buy a stake in General Motors Co's [GM.UL] Opel European unit in November.


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