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Magna to Build Battery Factory in Styria
The international component supplier and Frank Stronach will start production of batteries for electric vehicles. They received a major order from Mercedes.
Magna to Build Battery Factory in Styria / Picture: © Reuters
Magna International forms a joint venture with a company of its founder Frank Stronach to build a battery factory close to the city of Graz. Hermann Schützenhöfer, Deputy Governor of Styria, revealed the plans of the component supplier at the European Forum Alpbach. When asked on the project, Stronach confirmed the reports. “We have won a major order from Mercedes and will build a new plant”, he stated.
The new factory will be situated close to the city limits of Graz and achieve revenue of approximately € 100m, according to the plans of Stronach. “We already own the land and want to start construction work as soon as possible”, he said without mentioning the total investment volume.
The regional government of Styria is pleased about the plant as it will create jobs for “several hundred employees”. By entering the battery business, Magna intends to strengthen its position in the growing market for hybrid and electric vehicles. Analysts expect a strong development of sales over the next years.