In a move that could impact the future of off-road recreation and RV travel, Canadian automotive supplier Magna International has announced a partnership with British industrial company Ineos Group to engineer and manufacture off-road electric vehicles.
This collaboration aims to create environmentally friendly transportation alternatives tailored to the needs of both beginner and experienced outdoor enthusiasts.
The partnership builds upon a previous collaboration between the two companies, which began in 2018 when Magna assisted Ineos in developing its first vehicle, the “Grenadier,” a gasoline-powered 4×4 off-roader.
The new agreement will expand their cooperative efforts, focusing on the growing electric vehicle (EV) market and meeting the rising demand for sustainable off-road vehicles, as per a report by Baystreet Canada.
Magna plans to manufacture the off-road electric vehicles at its existing plant in Graz, Austria, with production slated to begin in 2026.
The facility is already home to the production of various electric vehicles for well-known companies such as Jaguar and Fisker, highlighting Magna’s expertise in the EV industry.
The production of off-road electric vehicles is expected to appeal to a wide range of consumers, from RV enthusiasts to eco-conscious adventurers.
These vehicles will offer a sustainable transportation option that aligns with the increasing demand for eco-friendly solutions without sacrificing the performance and reliability required for off-road excursions.
Magna’s commitment to the EV market also includes a substantial investment in its Canadian operations. The company announced earlier this year a $471 million investment to expand automotive parts manufacturing in Ontario, reinforcing its dedication to the growing electric vehicle sector.
Ineos Group, a London-based chemical company with over $65 billion in annual revenues, has expanded into vehicle design through its automotive division. This strategic move underscores the mounting interest in electric and sustainable transportation solutions across various industries.
Although Magna’s stock has seen a 7% decline in 2023, with shares trading at $72.85, the collaboration with Ineos Group and the expansion of the electric vehicle market may influence the company’s future performance.
The partnership between Magna International and Ineos Group marks a significant development in the production of off-road electric vehicles. This venture could potentially revolutionize the RV and EV industries, offering a greener transportation alternative for outdoor recreationists and off-road enthusiasts alike.