Magna to engineer and build off-road electric vehicle for industrial group Ineos

By The Canadian Press on April 17, 2023.

Magna International Inc. says it will engineer and build electric off-road vehicles for U.K.-based industrial conglomerate Ineos Group Ltd.

Aurora, Ont.-based Magna says the contract will see it produce the vehicles at its facility in Graz, Austria with a 2026 expected start.

Magna began working with Ineos in 2018 to engineer its first vehicle, a 4×4 fossil-fuel powered vehicle called the Grenadier.

The automotive company already produces several models at the Graz plant, including Jaguar and Fisker electric vehicles, and has drawn speculation as being a potential producer for an Apple Inc. car thought to be in development.

Magna is also working to increase its EV-related production in Canada, announcing in February a $471 million investment across six Ontario locations to expand its EV parts capacity.

Ineos is a chemical company with some $65 billion in annual revenues operating in 29 countries that has branched into consumer goods through its auto division as well as a hygiene and clothing brand.

This report by The Canadian Press was first published April 17, 2023.

Companies in this story: (TSX:MG)

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