Tuesday Ticker: April 13, 2021

Toronto, Ontario ⁠⁠— Magna partners with an Israeli startup, which will see the Aurora, Ont.-based company build electric vehicles atop the startup’s platform; electric vehicle sales grow in B.C. and General Motors meets its mask production promise to the federal government in this week’s Tuesday Ticker.

More moves for Magna
Magna International will develop an electric vehicle with Israeli startup REE Automotive.

The companies have agreed to jointly design, engineer and build the EVs using REE’s base platform capable of supporting different vehicle designs.

The EVs can be built to the exact specifications of “global technology companies and e-mobility players” while speeding their entry into the market, Magna and REE said in a statement.

REE has signed agreements representing orders for about 260,000 vehicles that would use its platform.

Financial terms were not disclosed, nor were a location and timeline for production, though REE CEO Daniel Barel said the companies would split any future revenues generated.

Magna also landed a deal with Fisker last October to construct the electric Ocean SUV, which will be built in a Magna plant in Graz, Austria, starting late 2022. The Canadian company is also expanding its manufacturing footprint in China by building the ArcFox Alpha-T for Beijing Automotive Group Co.

Boosts in B.C.
Repairers in British Columbia should prepare for an electric vehicle influx ahead of other provinces, according to recently unveiled data on the popularity of EVs in the province.

The provincial government said in its 2020 Zero-Emissions Vehicle Update that as of Dec. 30, 2020, more than 54,000 light-duty electric vehicles were registered in the province, marking record numbers.

Released last Tuesday, the report tracks B.C.’s progress for its zero-emission vehicle targets. According to its data, the province is on track to exceed the 2025 targets, with light-duty EV sales representing 9.4 percent of all such vehicle sales last year.

Energy Minister Bruce Ralston says that’s the highest reported uptake rate of electric vehicles in North America, making the province a leader in the industry.

Retooling recognition
On April 8, GM Canada fulfilled its commitment to the Government of Canada to produce 10 million face masks at cost for the Public Health Agency of Canada. Since the start of production on May 26, 2020, the team at Oshawa Operations produced approximately one million masks a month to help protect front-line workers and other Canadians during the COVID-19 pandemic.

“We want to thank the Government of Canada, our suppliers, and our Unifor partners for their support in making this project possible,” said Scott Bell, GM Canada president and managing director. “Although this milestone marks the end of our contract with Health Canada, GM will leverage the speed and agility of our pandemic response to continue supporting our customers and communities.”


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