August 29, 2011 / 12:17 PM / 6 years ago

Magna, Ontario set for green vehicle technology deal

2 Min Read

* Ontario to invest C$48 mln of C$400 mln total

* Province wants to be center of green auto technology

TORONTO, Aug 29 (Reuters) - Magna International (MG.TO) and the province of Ontario are set to announce an investment of more than C$400 million ($408 million) in research and development on electric vehicle technologies, a newspaper report on Monday said.

The Globe and Mail report said the Ontario government will contribute about C$48 million of the total. The announcement of the investment is scheduled to be made later on Monday at a Magna facility in Brampton, Ontario, the Globe said.

Ontario is attempting to encourage investment in green technologies and to remain one of the world's leading jurisdictions for auto production.

Earlier this month, Toyota Motor Co (7203.T) said it would build its first electric vehicle manufactured outside of Japan, in Ontario, as part of a multimillion-dollar public-private project announced in July. [ID:nN1E7740WR]

$1=$0.98 Canadian Reporting by Euan Rocha; editing by Peter Galloway

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