Magna to invest $400M in electric cars
CBC News- A government official says Magna International Inc. is pairing with the Ontario government to invest more than $400 million to research and develop electric vehicle technology.
The company is expected to announce later this morning at its headquarters in Brampton, Ont. that the province will put forward about $48 million for the project.
The official says the plan will create more than 700 jobs.
The Ontario government has been moving forward with plans to ramp up the development of more environmentally vehicle production in the province.
Earlier this month, Toyota and the government announced that the electric version of its popular RAV4 sport utility vehicle will be manufactured in Woodstock.
Last week, Dana Holding Corp. said that Ontario joined the company in a $37-million investment in heat exchangers for batteries at a plant in Cambridge, Ont.,
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