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Magna Sells EV Battery Business to Samsung
Magna International Inc. has sold its batterymaking operations to South Korea's Samsung SDI Co.
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Magna International Inc. has sold its batterymaking operations to South Korea's Samsung SDI Co. Ltd., The Globe and Mail reports. Terms were not disclosed.
The battery business includes factories in Austria, China and Michigan. All are assets acquired when Magna bought out the stake held by founder Frank Stronach in the company's Magna E-Car Systems unit.
Magna says it shed the unit to maintain focus within its propulsion system activities on engineering, drivetrain and fuel systems.
Samsung SDI makes batteries for consumer devices and energy storage systems in addition to automotive applications. The company forecasts the annual global market for electrics, hybrids and plug-in vehicles will reach 7.7 million by 2020 from 2.1 million in 2014.
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