Magna Electronics & Semikron Form Joint Venture For Electric & Hybrid Vehicles

June 22, 2009 by Jeff Shepard

Magna Electronics, an operating unit of Magna International Inc., and Semikron GmbH announced the formation of a 50/50 joint venture to develop and produce power electronics for future electric and hybrid vehicle applications.

"This joint venture with Semikron, a global player across multiple industries, provides us with an experienced and strong partner in the field of power electronics," said Matthias Arleth, Vice President Magna Electronics Europe. "In combination with Magna Electronics’ experience as a worldwide automotive supplier, we are well positioned to anticipate the challenges of the market and exceed customer requirements for electric and hybrid vehicle components and systems."

"With Magna Electronics we have a valuable partner which is a well-known and well-respected supplier in the automotive industry. Magna’s experience and capabilities will enable us to make best use of our know-how and our innovations in this sector of the industry," said Peter Frey, General Manager of Semikron International. "Power electronics is a key technology to assure future mobility with electric and hybrid vehicles, the answer to increasing emissions and limited natural resources."