STUTTGART, Germany -- Porsche AG has chosen the Magna Steyr division of Canadian auto parts maker Magna International Inc. to assemble its Boxster and Cayman luxury sports cars.
The German carmaker said Thursday it will continue its arrangement with Finnish manufacturing partner Valmet Automotive until its contract expires in 2012.
After a call for tenders, Porsche chose Magna's Austrian assembly division as its future contract manufacturer "because it submitted the most financially attractive offer, and because it is in a position to take on development tasks for Porsche sports cars."
The financial terms of the agreement were not made public.
Porsche deputy chairman Holger Harter said Valmet has built more than 200,000 Porsche cars "of outstanding quality" over the past 11 years, but "it was the high development capacity and competence of our future partner that tipped the balance in favour of our new partner."
From 2012 onwards, production of mid-engine Boxster roadsters and Cayman coupes which exceeds the capacity of Porsche's own Zuffenhausen factory will be done at Magna Steyr's plant in Graz, Austria.
Porsche will supply the engines and various components, but "synergies arise from the numerous supply relations between Porsche and the Magna Group" which already provides significant parts to Porsche.