As Chinese automakers find themselves competing for sales in the European market, the rules of the game have started to shift. Magna International, a Canadian auto parts maker, is reportedly in talks with a number of possible partners with plans to manufacture vehicles for them in Europe.
While the Chinese companies involved remain undisclosed, Magna’s subsidiary Steyr, is known to have spare production capacity.
Founded in 1957, Magna is among the world’s largest parts suppliers, collaborating with GM, Mercedes and Tesla. Magna is engaged in complete vehicle contract manufacturing.
In 1998, Magna acquired Steyr from Steyr-Daimler-Puch, including a plant for contract vehicle manufacturing. The factory has already made vehicles for BMW, Jaguar and Toyota.
Besides contract manufacturing, Magna has independently developed models, such as the BMW X3 and collaborated with Beijing Automotive New Energy on high-end intelligent EVs.