Magna Takes Stake in Lithium Americas Corp.
Magna International Inc., a Canadian vehicle components maker, took part in a $10.5 million equity financing by Toronto-based Lithium Americas Corp., to secure a reliable supply of the metal used to make batteries for electric vehicles, the Globe & Mail reported, without saying where it got the information.
The transaction gives Magna the right to buy a percentage of any lithium produced by the mining company in exchange for an interest-free loan, the newspaper reported.
Magna spokeswoman Tracy Fuerst declined to comment, the Globe & Mail added.
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