Deal with Magna International and Magna E-Car builds more momentum for Ontario EV strategy
The Ontario government announced today it is working with Magna International and its majority-owned Magna E-Car division to assist in the development of a concept electric car, parts for hybrid and plug-in vehicles, components made of lightweight and bio-based materials, and an alternative energy project, details of which were not disclosed. The announcement is expected to lead to the creation of 738 new jobs and the protection of more than 1,300 jobs at Magna facilities in Aurora, Brampton, Concord and St. Thomas.
The government release didn’t mention dollars, but reports earlier in the day suggested that the government would be contributing $48 million toward what will be a $432 million R&D investment. This comes after a number of earlier EV-focused announcements, including Toyota’s disclosure last month that it will build its RAV4 electric vehicle at its plant in Woodstock, Ontario, and the government’s announcement a week later that it is creating an $80 million fund to help spur development and deployment of EV charging infrastructure in the province. Oh, and there was also the $2 million investment in Dana Holding Corp. toward building battery cooling systems for hybrid and plug-in vehicles.
A lot has happened in less than a month. Things are starting to come together… cautiously optimistic.