Those who follow the automotive industry closely are surely familiar with Magna International
, one of the largest auto parts suppliers in the world -- so large, in fact, that the company was actually in on the bidding
to purchase Chrysler
from Daimler last year. Now it seems that the global company is throwing its hat into the plug-in hybrid
ring. Magna founder Frank Stronach says, "You don't have to be a great scientist to know that we're going to be out of oil sooner or later." The company is investing $30 million into the hybrid
project, which reportedly involves gasoline, electric and natural gas
powerplants. Magna's Austrian arm is leading the project.
Magna is no stranger to the assembly of cars, holding contracts for such revered marques as BMW
and Mercedes Benz
. We have few details on the actual vehicle being considered, though. All we know for sure is that its likely to play in a market not occupied by its customers. We look forward to finding the answers to such questions as whether or not the vehicle will be sold under the Magna name and what countries the vehicle is being designed for. We'll keep you posted.