As the demand for electric vehicles continues to accelerate, an increasing number of automobile manufacturers and suppliers are combining their technological insights to further propel advancements in the EV industry.
Magna International Inc, a Canadian company that manufacturers mobility technology for numerous automakers, on Monday announced it will expand its operations with electric car maker Fisker. Magna, which has lately been on the forefront of the supplier expansion into the EV market, is already the exclusive manufacturer of Fisker’s Ocean SUV in Europe. In addition, Magna has also recently partnered with LG Electronics to create an electric car components business in China and South Korea.
Magna’s latest deal with Fisker will see the Canadian parts manufacturer help produce a driver assistance system for Fisker’s SUV that includes ultrasonic sensors, cameras, as well as a digital imaging radar system that also happens to be a breakthrough technology for the automotive industry. The deal will see Fisker further utilize Magna’s expanding line of EV technology, which is used a base platform that is later customized to work with Fisker’s in-house powertrain design.
Magna’s latest progression into the EV market comes as other major automakers, including Chrysler, Ford and GM expand their electric vehicle manufacturing in Canada. Back in November, Magna expressed eagerness to further expand its expertise to other automakers, especially as they continue to accelerate technological advancements for electric pickup trucks and cars.
Information for this briefing was found via Magna International Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.