Aston Martin, Magna both seeking EV partners in China

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Aston Martin and Canadian car parts maker Magna International are both reportedly searching for electric vehicle partners in China. According to a recent report published in the Financial Times, Aston Martin is discussing potential collaborations with a number of Chinese automakers, with the aim of co-developing and manufacturing electric vehicles specifically for the Chinese market.

Meanwhile, Magna has said that it is looking to form a joint venture with a Chinese automaker that would produce electric vehicles for sale in China, as well as a variety of other global markets. The company has not yet revealed the identity of its potential partner.

China is the world's largest market for electric vehicles, with sales expected to surpass 1.5 million units this year. With that in mind, many automakers are keen to establish a presence in the Chinese EV market, either by partnering with local firms or by launching their own models specifically for Chinese consumers.

For Aston Martin, the move into the Chinese market is part of a wider effort to expand its presence in Asia. The British automaker recently opened a new production facility in St Athan in Wales, and is also working on a new plant in Japan.

Magna, meanwhile, is a major player in the global automotive industry, providing components to a wide range of automakers. The company has also been ramping up its focus on electric vehicles in recent years, and is currently involved in a number of EV-focused joint ventures with other automakers.

Overall, the push by Aston Martin and Magna into China highlights the growing importance of the country's EV market, and the increasing interest from foreign automakers in partnering with Chinese firms in order to gain a foothold in this key sector.