WIA-Magna Powertrain and Hyundai Heavy Industries sign joint venture agreement

published: 2012-04-03 12:37 | editor: | category: News


Hyundai Heavy Industries Co. ,the world's largest shipbuilder by orders, said Monday it has set up a $200 million joint venture with Magna E-Car, a Canadian electric-car parts supplier, to develop batteries for electric vehicles.
The joint venture of Hyundai Heavy and Magna E-Car,  targeting a 30% market share in the electric-car battery markets in the U.S. and Europe by 2020, plans to build eight plants in the U.S. and Europe to produce 800,000 battery packs a year by 2020, the Korean shipbuilder said in a statement.
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