Canada’s Magna International (MG) has announced that it will engineer and build off-road electric vehicles for British industrial company Ineos Group.
Magna said it will produce the electric vehicles at its manufacturing plant in Austria with a start date scheduled for 2026.
Magna has worked with privately held Ineos Group since 2018, and helped engineer its first vehicle, a 4x4 gasoline-powered vehicle called the “Grenadier.”
Currently, Magna produces several electric vehicles at its plant in Graz, Austria, including for companies such as Jaguar and Fisker (FSR).
Magna is also working to increase its electric vehicle production in Canada, announcing earlier this year a $471 million investment to expand its automotive parts manufacturing in Ontario.
Ineos is primarily a chemical company headquartered in London, England. It generates more than $65 billion U.S. in annual revenues and has expanded into vehicle design through an automotive division.
Magna’s stock has declined 7% so far in 2023 to trade at $72.85 per share.
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