Magna's Next Car to be Powered by Electricity

The parts giant, based in Aurora, Ont., has set aside an initial budget of $30-million to develop the plug-in hybrid car at its Austria facility.

Published: 04-May-2008

AURORA, ONT. -- Magna International Inc. has joined the race to develop a plug-in hybrid car and plans to have a prototype on the road next year or in 2010.

Frank Stronach, founder of Canada's largest auto parts company, is looking to take advantage of the seismic shift to more environmentally friendly automotive technologies and play a key role as the industry works to design fuel-saving alternatives to the century-old internal combustion engine .

"You don't have to be a great scientist to know that we're going to be out of oil sooner or later," Mr. Stronach said.

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