## Magna Seeking Canadian Federal Funds for EV Work

##### 03 June 2009

Canwest. Frank Stronach, chairman of Canada-based Magna, is seeking Canadian federal funds to support building electric cars. Magna is in the process of acquiring Adam Opel (formerly GM Europe), and views vehicle electrification as a key strategic initiative. (Earlier post.)

“One of the main reasons I’m here today...is that I would like to see that the first electrical car facilities are in Canada. If we could get a loan we know we could speed it up. If we could get a loan, we could make sure it’s in Canada.”

The first stage of that process would involve the production of lithium ion battery systems for electric cars. Mr. Stronach said the company has so far spent $200-million of the$300-million necessary to develop the project, although he refused to specify how much it is seeking from Ottawa.