Magna plans e-car battery factories in EU, U.S.

Posted by: Canwest News Service onMay 26th, 2010

Canadian car parts maker Magna International is seeking locations to produce batteries for electric cars, a rapidly growing business as carmakers try alternative power options, Magna’s boss said on Tuesday.
Magna co-Chief Executive Siegfried Wolf said at an event in Vienna that he had earmarked a $200-300 million investment for each of the two factories he is planning. One factory will be built in the European Union, one in the United States.

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