Magna International, the largest auto parts company in Canada, is building a plug-in hybrid car they plan on releasing in 2009 or 2010. It's thought Magna will be building the car for one of its customers, not for itself. Magna will not compete against any of its customers and will only produce the parts, or market in places where their customers do not.
According to Frank Stronach, founder, the company is taking advantage of international efforts to seek environment friendly solutions for the automotive industry and address as well concerns of soaring oil prices.
The new plug-in hybrid is being built at the Magna Steyr manufacturing, while R&D is happening in Austria.
Probably the most astonishing figure is the budget. Magna is planning on spending only $30 million on development.
Magna already has hybrid engines being tested in Europe and they are also developing a hybrid that runs on natural gas according to Stronach.
Source: Plug-in Hybrid Planned By Canadian Auto-Parts Company
Thursday, May 01, 2008
Magna is Developing Their Own Plug-in Hybrid for 2009 or 2010
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