Hyundai Heavy Insustries of Hyundai has agreed to joing venture with Magna E-Car to develop battery for electric vehicles.
As part of the agreement, the South Korea industry and the Canada-based manufacturer will invest $200 million to make MAHY E-CELL. Hyundai will own 40 percent stake and Magna E-Car will hold the remaining, according to the official announcement made by Hyundai.
The plant for the venture will be built at Ontario, Canada, which can produce 10,000 battery packs annually. Production will be started from 2014. Both companies have aims to build additional eight plants in Europe and North America, with the goal of increasing the production capacity to 80,000 batteries per year by the end of 2020.
Lee Choong-dong, Chief Operating Office of Hyundai Energy Division, says, “The establishment of MHY E-CELL is a reflection of Hyundai Heavy’s determination to become a leading eco-friendly integrated energy company by advancing into Europe and North America’s electric car batteries market and ESS business. We see solar energy, wind power and energy storage systems as integral to our future growth.”
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