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Magna International Inc. (NYSE:MGA) reported that it will co-develop next-generation electric vehicle architecture with Beijing Automotive Industry Holding Co., Ltd. (BAIC Group) to serve the Chinese auto market. The agreement was signed on Apr 8 in Beijing, China. This marks the first project that Magna undertook with BAIC Group to assist their electrification plan.
BAIC Group, a leading passenger car manufacturer, has chosen Magna Steyr, a subsidiary of Magna International, primarily due to the cost-effective and innovative offerings all through the vehicle-manufacturing process and engineering services. Additionally, Magna offers lightweight technologies and full-scale electronic/electrical architecture.
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Currently, the Chinese market is world's leading market for electric mobility, which bought roughly 700,000 electrified cars in 2017. Further, by 2020, the amount of all-electric cars on the roads of China is anticipated to reach roughly five million, supported by quotas and subsidies offered by the government.
Per management, this collaboration is a step toward Magna's effort of vehicle electrification for China.
This is not the first collaboration that Magna undertook to expand its electrified powertrain offerings and strengthen its local footprint in China. Earlier in October 2017, Magna entered into a joint-venture with China's Huayu Automotive Systems Co., Ltd. to manufacture electric-drive powertrain system.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.