Korea Herald. Hyundai Heavy Industries (HHI) and Magna E-Car Systems are forming a $200-million automotive Li-ion battery joint venture. HHI will take a 40% stake, with Magna taking the remainder.
Magna E-Car, a partnership between Magna International and the Stronach Group, is a global supplier of components and systems for hybrid and electric vehicles. Magna E-Car supplies the powertrain to Ford Motor Co. for the BEV version of the Ford Focus.
Under the plan, Hyundai Heavy and Magna E-Car will carry out joint research and set up a production line in the Canadian province, aiming to churn out 1,000 battery packs annually starting 2014.
The shipbuilder added it will further boost its output to 400,000 by 2018 and 800,000 by 2020 by building an additional eight plants in Europe and North America. It targets a 30 percent share in the electric car market in the regions by 2020...Though a relative newcomer to the car battery market, Hyundai Heavy said it has since 1992 been engaged in developing components for electric vehicles.
HHI executives also suggested that the JV will facilitate securing energy storage technologies for solar and wind power generation.