Magna plans electric-car battery plants in U.S., EU

Magna International Inc., Canada’s biggest auto-parts maker, plans to invest as much as $600 million (U.S.) on new plants for making lithium-ion batteries for electric vehicles.

“We currently are scouting out locations for the plants, one of which will be in the U.S. and one in Europe,” Co-Chief Executive Officer Siegfried Wolf told journalists in Vienna today, adding that Magna would spend about $200 million to $300 million per plant. The decision on the location in the European Union will be made by the end of the year, Wolf said.

[Toronto Star]