The latest reports from Austria indicate that the joint BMW/Toyota sports car program will be produced by Magna Steyr and launch in 2018.
Magna Steyr will assemble up to 70,000 BMW 5 Series models in Graz, Austria, starting in 2017, according to reports out of Germany.
Jaguar Land Rover has announced a new contract manufacturing deal with Magna Steyr that will see a future product assembled in Austria in about two years from now.
The Magna Steyr Mila Plus is pretty darn cool, if you ask us, and well worth the time you'll spend checking it out in our high-res gallery of live photos from Geneva.
Magna has an established record of showcasing its capabilities through the MILA series of concepts at the Geneva Motor Show, and this year will be revealing the hybrid MILA Plus sports car seen here.
Please excuse us while we banish thoughts of David Letterman's hosting of Oscar night – Magna; MILA... Uma; Oprah – and instead focus on what this concept car brings to the table. This is the sixth MILA Concept from Magna-Steyr, the Austrian arm of Canadian auto parts giant Magna International, and it's meant to showcase the capabilities of the supplier.
Magna Steyr may not be a name most consumers would recognize, but it is one of the biggest players in the auto industry. As a contract manufacturer, it has produced some 2.5 million vehicles across 21 different models, including the Mercedes-Benz G-Class, Aston Martin Rapide and Mini Countryman, to name just a few.
Joint venture Chery Quantum Auto – owned by China's Chery Automobile and Israel Corporation – will reportedly export three compact vehicles to Europe in 2012. Austrian supplier Magna Steyr will be tasked with developing the vehicles, according to Financial Times Deutschland.
Saab: A history in pictures – Click above for high-res gallery
Mercedes-Benz SLS AMG – Click above for high-res image gallery
Magna Steyr Mila EV - Click image for high-res gallery
It looks like Ford won't be the only company getting lithium ion battery packs from Magna International. The Magna Steyr division of the supplier announced last week that it will begin production of packs at its plant in Graz, Austria next month. The packs will be supplied to Volvo for use in its buses, heavy duty trucks and garbage trucks equipped with hybrid powertrains. Volvo uses a parallel hybrid system for its vehicles.
Click the Focus EV "mule" for a high res gallery
Magna tried and lost when Chrysler was for sale. Pulling a Marchionne, Magna's now trying to win GM Europe's Opel division for itself, and rumor is that Saturn is also on the shopping list. GM would get much-needed capital for the transactions, but it could also be facing its old properties as new competition. Of course, coughing up the money might be difficult, considering Magna's taken a shellacking so far this year.