Magna, Ontario announce $408-million electric vehicle deal

Magna International and the province of Ontario are set to announce a massive investment of more than C$400 million ($408 million U.S. at the current exchange rate) into research and development of electric vehicle technologies, according to The Globe and Mail. The move is thought to be part of Ontario's grand effort to retain its position as one of the world's leading areas of automotive production.

The Canadian newspaper says Ontario's government will dish out some C$48 million ($48.7 million U.S.) to become Canada's center of green automotive technology and that Magna will fork over around C$352 million ($357 million U.S.) to assist in Ontario's drive to the top of the electrified segment.

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