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.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

BYD Found Wang with David Sokol at 2009 Detroit auto show. Photo credit: EV World.com

Chairman of MidAmerican Holdings speaks of his firm's $232 million investment in Chinese electric carmaker BYD.

Camille Jenatzy was first to break 100km/hr speed barrier in his 1899 electric car, La Jamais Contente.

Former Pirelli Tire North America CEO addresses local Rotary Club.

Roadster #750 completes road trip to Detroit despite winter driving conditions and heavy snow.

Telsa will donate the full value of production car VIN 1,000 to charities.

READER COMMENTS

blog comments powered by Disqus