Canada’s Magna International (MGA) and China’s GAC will together assemble GAC’s electric SUV, AION V, at Magna’s (MGA) assembly plant in Graz, Austria, accelerating GAC’s expansion in Europe and Magna’s (MGA) manufacturing capabilities.
Through partnerships such as its deal with Magna (MGA), Guangzhou-based GAC aims to broaden its European footprint beyond Finland, Portugal, and Poland — and sidestep EU tariffs on Chinese-built vehicles by assembling cars within Europe.
Magna (MGA) currently assembles the Xpeng (XPEV) G6 and G9 and Mercedes (OTCPK:MBGAF) (OTCPK:MBGYY) G-Class at its Graz facility, as well as ICE vehicles, the BMW (OTC:BMWKY) Z4 and Toyota (TM) Supra.
Magna International (MGA) shares are catching a modest bid on the news and are set to snap a 6 day losing streak at Friday’s open.
