Magna Steyr Mila EV - Click image for high-res gallery

Frank Stronach, founder of Magna International, sees electric vehicles as a key step along the route to his long-time dream of making his company a full automaker. To that end, the company has built several electric drive concepts and is now collaborating with Ford on the development of its 2011 electric car program. Stronach intends to have his company build EVs and electric components like motors within three years. Speaking with officials in the Canadian capital this week, he revealed his intentions to go electric at Canadian factories. He was not looking for any grants or hand-outs from the government. Instead he intends to finance the project alone or, if the government offers something like the ATVM program for low cost loans, he would be willing to accept that. Stronach plans to invest $300 million in the Canadian EV program and low interest loans could cover half of that. Thanks to Keith for the tip!

Photos Copyright ©2009 Sam Abuelsamid / Weblogs, Inc.

[Source: CTV]

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