Magna International and the Canadian province of Ontario have announced an investment of C$432 million ($441 million) in electric vehicles.
Some C$48.4 million of the total investment will come from the provincial government, according to Reuters. The Ontarian government says that the investment should create 728 jobs and protect another 1,337 jobs at Magna’s Aurora, Brampton, Concord and St. Thomas plants.
The investment will help fund research into electric car concept development; parts for hybrid electric/battery electric vehicles (pictured); lightweight metallic components; an alternate energy project; and bio-based composite materials aimed at reducing vehicle weight and improving fuel efficiency, according an Ontario government release.
Earlier this month, Ford and Toyota signed a memorandum of understanding to collaborate on the development of advanced hybrid systems for light trucks and SUVs, while GM and electronics manufacturer LG launched a project to design and engineer electric vehicles together.