Automobile manufacturer Magna International has earmarked $30m (£15.2m) to develop a plug-in hybrid that will be sold to an undisclosed manufacturing partner.
The Canadian company announced its plans during a press conference hosted after its annual general meeting last week. Details of the vehicle were scarce, although Magna did reveal that it would have a 120km range and would be targeted mainly at city drivers. The four-seater vehicle would ship by 2010, said executives.
"Magna built an electric car 20 years ago. I would not say it is new. We are just leveraging all the resources we have," said spokeswoman Tracey Fuerst. " And there is now a need for it with fuel prices going up." Interest from potential original equipment manufacturing (OEM) partners has sparked renewed interest in a plug-in hybrid, she added.
The company is in the engineering stage of the plug-in hybrid programme, and Fuerst said it was not even clear which battery technology would be used, although CEO Frank Stronach said Lithium-ion batteries appear the most likely candidate.
Aurora, Ontario-based Magna provides vehicles for contract customers, providing everything from the basic components to the final assembly. Much of its work is carried out at the Magna Steyr engineering plant in Austria, where the plug-in hybrid project will also be managed.
"Right now, through our Austrian facility, we already do this for people such as BMW, and OEMs are very much involved," said Fuerst. "They are in discussions with OEMs, but right now the lead is being taken by Magna."
Plug-in hybrid vehicles use an electric motor that is rechargeable from an external power source. When the motor is exhausted, they switch to petrol power. Conversely, conventional hybrid vehicles use electrcity harvested from the vehicle's own operation to power the motor – by harvesting kinetic energy during braking, for example – and do not access an external power source.
Companies including GM, Ford and Toyota have announced plans for plug-in hybrid vehicles in the future.
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