Magna provides clarification regarding potential battery investments

Siegfried Wolf, Magna’s Co-Chief Executive Officer stated: "We believe that the market for hybrid and electric vehicles will continue to grow and we hope to capitalize on the opportunities that such growth could provide to capable suppliers. We are reviewing with potential joint venture partners some of the opportunities available, including opportunities to supply batteries for hybrid and electric vehicles. At this point, other than our current contract to supply battery packs to a European OEM, Magna has not been awarded any such battery business, either directly or through a potential joint venture partner. Any investment in battery manufacturing by Magna, or a potential joint venture involving Magna, would first require a number of conditions to be met, including but not limited to: sufficient market demand to justify the business case for investment, conclusion of joint venture terms with technology partners, availability of financing, commercialization of related technologies, and the settlement of customer supply terms, including pricing and warranty matters."

We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers ("OEMs") of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems as well as complete vehicle engineering and assembly.

We have approximately 74,000 employees in 240 manufacturing operations and 76 product development, engineering and sales centres in 25 countries.