Magna International, the world's third-largest automotive parts producer, announced its intentions to establish a new global unit, E-Car Systems, at this year's EcoXperience ride & drive track at the Detroit Auto Show. Now, Magna has opened the doors of its new hybrid and electric vehicle (EV) system development center and battery testing facility in Auburn Hills, Michigan.
Magna International Inc.
Magna International is the third largest auto supplier in the world and it now appears the company was very lucky to escape buying Chrysler last year. Having survived to fight another day, the company has recently been working to develop a complete electric car. The company is currently developing all the systems necessary for an electric car, including the propulsion systems and electrically-driven accessory systems. The Canadian company is looking for an automaker to partner with on production
According to Brett Hoselton, an analyst at KeyBanc Capital Markets, Canadian supplier Magna International Inc. together with an unnamed private equity group has already made a bid for the Chrysler Group in the neighborhood of $4.6 to $4.7 billion. Sound a little low for a company the size of the Chrysler Group? It is, because Magna is only going for about 20 to 25% of the company in the hopes it will be able to buy a chunk when other bidders "retreat".
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