Magna in the Electric Race - October 24th, 2008
It’s hard to get too optimistic about anything automotive at the moment. Edmunds is predicting that October sales across the industry may be down as much as a staggering 29 percent. We’re talking a potential three decade low here. But at the same time, Barak Obama is saying that if he wins, he’ll concentrate on alternative energy production, which I assume will also mean he’ll get behind incentives for alternative fuel vehicles and electrics.
Buying a new car of any kind in this climate is low on the list for most folks, but there will be at least one more electric in the mix by 2010. Magna International has just bought a Michigan company (BluWav Systems LLC) that works on propulsion and energy management for electrics with an eye toward having its hybrid on lots in that magic year. (2010 is also the timetable for the much hyped Chevy Volt.)
Magna is a Canadian auto parts supplier and it’s looking to partner with some manufacturer to get this thing built. The prototype is for a four-door meant to demonstrate the necessary sub-systems. They’ve already sunk about $30 million into the project, so the company is more than serious about making this happen. Automotive News puts Magna at number three on its list of top 100 global suppliers. They definitely have the clout and the capital. Another one to watch.
Posted on October 24th, 2008 by Shorty
Filed under: alternative fuels |
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