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Korea: Hyundai Heavy, Magna E-Car to create electric car battery JV

Hyundai Heavy Industries is venturing into the lithium-ion battery market for electric cars, hoping to bask in the soaring demand for long-range, environmentally friendly next-generation vehicles.

The world’s largest shipyard said it clinched an agreement Monday with Canadian auto parts maker Magna E-Car Systems to launch a $200 million joint venture. The Korean company would take a 40 percent stake and the Ontario-based firm the remainder.

Magna E-Car is another partnership between Magna International Inc. and the Stronach Group, a private company owned by Frank Stronach, who founded North America’s top car parts supplier. Magna E-Car supplies the powertrain to Ford Motor Co. for the plug-in version of its Ford Focus.

Under the plan, Hyundai Heavy and Magna E-Car will carry out joint research and set up a production line in the Canadian province, aiming to churn out 1,000 battery packs annually starting 2014.
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