Magna receives $48M grant for electric car development

Magna International Inc has committed to spend $430 million over five years on 19 R&D projects related to electric vehicle technologies with $48.4 million in support from the Ontario government through the Ministry of Economic Development and Trade. The grant ensures that the R&D will be undertaken in the province, creating an estimate 728 jobs and protecting a further 1,337 at three Magna facilities in southern Ontario. A Magna executive has said that, while the company doesn't need the provincial grant, it ensures that the jobs and the R&D come to the province. A portion of the funding will be spent at Magna's Magna E-Car subsidiary in areas such as electric car concept development, hybrid electric/battery, electric vehicle parts, advanced lightweight metallic components and bio-based composite materials. Ontario has set a target of having one of 20 cars in the province electrically powered by 2020. Magna is Canada's largest auto parts manufacturer 18,000 employees at 44 plants across Ontario….