Magna plans to expand manufacturing in North America to focus on EVs

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TORONTO — Magna International Inc. is planning to expand its global manufacturing capacity to North America as it focuses on electric vehicle production.

In an investor presentation, Magna executives said the Aurora, Ont.-based auto parts company plans to become an industry leader in North America while aiming for carbon neutrality by 2030.

CEO Seetarama (Swamy) Kotagiri says the company will partner with more overseas startups, including the recently announced collaboration with Innoviz Technologies, in its move toward electric vehicles.

The comments come a day after Israeli electric mobility startup REE announced its partnership with Magna to develop modular electric vehicles.

Last year, the auto supplier signed a deal with LG Electronics to create a joint venture called LG and Magna e-Powertrain JV to build components for electric cars.

The company says it expects its sales to grow to between US$43 billion and US$45.5 billion in 2023.

Companies in this story: (TSX:MG)

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