Magna’s plans to mass produce electric cars and motors in Canada

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In a time span of three years, Canadian auto maker Magna is hoping to produce electric cars and motors in large numbers. Frank Stronach, chairman of Magna International, has ambitious plans in this direction and refuses to ask for government loans or grants in this endeavour.

However, if the company does manage to get a favourable loan, he is not averse to using the funds and the auto maker would help the economy by creating more jobs. Magna is investing $300 million into the car and hopes the federal government will provide low-interest loans to fund half the cost.

He estimates that in six years at least 15 percent of all cars will be electric or hybrids and the numbers are only expected to increase. The electric car should be able to go 160 kilometers before having to be recharged. If Magna is able to go forward with its plans, with or without government help, it will certainly help the environment and let us not forget that electric cars are also cheaper to run.