The government of Ontario and auto-parts giant Magna International Inc. unveiled plans to invest C$432 million (US$441 million) over the next six years to develop next-generation electric car technologies.
The province of Ontario, the center of Canada’s auto industry, will contribute C$48.4 million to the total.
The funding will go towards developing electric car concepts, parts for electric cars, lightweight materials and components, and an alternative energy project, according to a release.
Aurora, Ont.-based Magna’s E-car venture, which will receive a portion of the funding, played a role in the development of the Ford Focus Electric and has landed other contracts with auto makers.
Magna, North American’s largest supplier, introduced an electric car at the 2009 Geneva Show designed to showcase the parts and technology it could offer.
Earlier this month Toyota announced that their new electric RAV4 SUV will be manufactured at its plant in Woodstock, Ont.