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Magna Investing $439M In Electric Car Research

Magna International Inc. is spending $439 million to research and develop electric vehicle technology in Ontario.

TORONTO (AP) -- Magna International Inc. is spending US$439 million to research and develop electric vehicle technology in Ontario.

Economic Development Minister Sandra Pupatello and Magna said Monday that the province will contribute US$49 million to help fund 19 research and development projects over the next six years.

The projects include developing concept electric cars, parts for hybrid vehicles, metallic components, alternative energy and ways to improve fuel efficiency.

The province said the plan will create 728 jobs and also help protect about 1,300 jobs at Magna's factories in Ontario.

Earlier this month, Toyota announced that the hybrid version of its popular RAV4 sport utility vehicle would be manufactured in Woodstock, Ontario.

Magna shares were up CA$1.42, or nearly 4 percent, at CA$37.04 in trading Monday on the Toronto Stock Exchange.

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