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Contract manufacturer Magna Steyr plans to build EV factory in US

Magna Steyr, an Austrian contract manufacturer and engineering company owned by Canadian automotive supplier Magna International, wants to set up an electric vehicle factory in the US and is looking for a location, Kurt Bachmaier, vice president of the company, said Car (registration required) in an interview published last week.

Although he did not mention the shortlist of locations, he said a windy and sunny location is important because the company wants the plant to run on renewable energy. He also ruled out California as a potential candidate.

Magna Steyr has been considering a factory in the US for years, but it’s now further highlighted with the recent passage of the Inflation Reduction Act, which requires electric vehicles to currently be built in North America to eligible for tax credits of up to $7,500. That means automakers will be looking to build more electric vehicles in the region, and a contract manufacturer like Magna Steyr can offer a flexible solution.

Magna Steyr built the Jaguar I-Pace at its main plant in Graz, Austria and starting later this year it will building the Fisker Ocean. Both EVs will miss out on the tax credit under the new rules. Magna Steyr also builds G-Class for Mercedes-Benz and will likely build Electronic version EQG due around 2024.

Magna Steyr isn’t the only contract manufacturer eyeing US Foxconn, a Taiwanese company that makes contract electronics, including iPhones for Apple, which recently expanded into manufacturing. car. Last October it agreed bought a former General Motors factory in Ohio, where it will be used to build Fisker PEAR’s Project and Lordstown Endurance.

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