"We believe that the market for hybrid and electric vehicles will continue to grow and we hope to capitalize on the opportunities that such growth could provide to capable suppliers," Wolf said.
"We are reviewing with potential joint venture partners some of the opportunities available, including opportunities to supply batteries for hybrid and electric vehicles."
Wolf however denies Magna having been awarded supply contracts by no party, be it directly or through a potential joint venture. The CEO said an investment into a battery plant will first have to be reviewed, putting an end to speculation that the supplier is looking for a battery plant right now.
"Any investment in battery manufacturing by Magna, or a potential joint venture involving Magna, would first require a number of conditions to be met, including but not limited to: sufficient market demand to justify the business case for investment, conclusion of joint venture terms with technology partners, availability of financing, commercialization of related technologies, and the settlement of customer supply terms, including pricing and warranty matters," Wolf concluded.
Speculation started in the beginning of the year, after the other CEO, Don Walker, said Magna was planning to find a partner for battery production and invest in several factories in North America.
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