Ineos Group, the British chemicals company that recently entered the automotive market with its BMW-powered Grenadier SUV, is turning to Magna International Inc. to produce its upcoming off-road electric vehicle, the companies said today.
The Canadian parts supplier is expected to begin production of the Ineos EV at its Magna Steyr complete vehicle assembly plant in Graz, Austria, in 2026. The companies did not disclose how many vehicles Magna plans to engineer and assemble for Ineos, nor did they reveal further details about the EV model.
"Right now, we're working to get the design concepts ready and are working to get the supply base on board to support this program," said Roland Prettner, interim president of Magna's complete vehicle business unit, in an interview with sibling publication Automotive News.
The addition of Ineos as a customer at Steyr adds to Magna's growing portfolio of EV models it produces there. Magna is pitching itself to automotive newcomers such as Ineos and Fisker as a one-stop shop for engineering and assembly capabilities as those companies look to get their vehicles onto the market faster.