Hyundai Heavy Industries (HHI) and Magna E-Car Systems are forming a joint venture, MAHY E-CELL, to engineer, design, develop and test lithium-ion battery cells and battery packs for electric and hybrid-electric vehicles.
‘We are pleased to move forward together as partners with HHI to advance next-generation cell and battery pack technology to support the growth of the electric and hybrid-electric vehicle markets,’ says Frank Stronach, founder and chairman of Magna E-Car.
The joint venture will be owned 60% by Magna E-Car and 40% by HHI. Magna E-Car is a partnership between Magna International Inc. and The Stronach Group, a supplier of components and systems for hybrid and electric vehicles.
