Ontario is providing Magna International Inc. a grant of $48.8 million for a number of new clean vehicle technology projects, including the development of a concept electric car.
The projects also include parts for hybrid and electric vehicles, advanced lightweight metallic components, an alternate energy project, and advanced bio-based composite materials to reduce vehicle weight and improve fuel efficiency.
“Our government’s investment in Magna International and Magna E-Car is one way we are making the future happen now,” Sandra Pupatello, Ontario minister of economic development and trade, said in a statement.
Magna E-Car is a partnership between Magna International and the Stronach group to develop a broad range of components and systems for hybrid and electric vehicles.
The new projects are expected to create 728 jobs in Ontario and protect another 1,337 jobs at the company’s various plants in the province.
“We are delighted to receive support from Ontario to pursue our goal of transitioning Canada’s automotive design, engineering, and manufacturing toward the clean economy,” Don Walker, CEO of Magna, said in a statement.
Magna, based in Aurora, Ontario, is the largest automotive supplier in North America.
Lauren Tedesco, a spokesperson with the provincial ministry of economic development and trade, said the grant will be provided over a span of six years and is conditional on a number of criteria including whether the company is able to meet the job creation expectations.
“Our funding is in order to create jobs here in Ontario, so they have to be able to create those jobs in order for us to give them money,” she said.
Earlier in August, Toyota announced that it will start assembling electric versions of its RAV4 SUV in Woodstock, Ontario. Both Ontario and the federal government are each providing up to $70.8 million for the initiative.
The projects also include parts for hybrid and electric vehicles, advanced lightweight metallic components, an alternate energy project, and advanced bio-based composite materials to reduce vehicle weight and improve fuel efficiency.
“Our government’s investment in Magna International and Magna E-Car is one way we are making the future happen now,” Sandra Pupatello, Ontario minister of economic development and trade, said in a statement.
Magna E-Car is a partnership between Magna International and the Stronach group to develop a broad range of components and systems for hybrid and electric vehicles.
The new projects are expected to create 728 jobs in Ontario and protect another 1,337 jobs at the company’s various plants in the province.
“We are delighted to receive support from Ontario to pursue our goal of transitioning Canada’s automotive design, engineering, and manufacturing toward the clean economy,” Don Walker, CEO of Magna, said in a statement.
Magna, based in Aurora, Ontario, is the largest automotive supplier in North America.
Lauren Tedesco, a spokesperson with the provincial ministry of economic development and trade, said the grant will be provided over a span of six years and is conditional on a number of criteria including whether the company is able to meet the job creation expectations.
“Our funding is in order to create jobs here in Ontario, so they have to be able to create those jobs in order for us to give them money,” she said.
Earlier in August, Toyota announced that it will start assembling electric versions of its RAV4 SUV in Woodstock, Ontario. Both Ontario and the federal government are each providing up to $70.8 million for the initiative.
