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Magna International request 600-million dollars from Porsche

November 28, 2009

Filed Under: Industry, News, Porsche

Magna International request 600-million dollars from Porsche

According to an Austrian newspaper, Magna International wants at least $600-million ( ~ 400.000 million Euros ) in compensation from sports-car maker Porsche for cancelling a contract.

Austrian newspaper WirtschaftsBlatt quoted an “involved person” as saying that the compensation was for development work already done by Magna, which was due to assemble Porsche’s Boxster and Cayman models from 2012 in its Austrian factory. Magna claims it has already invested a significant amount of money on development to prepare for production.

Porsche last year awarded Magna an eight-year contract to build the Cayman and Boxster models from 2012. Most probably the contract will be canceled because Porsche will use production facilities from VW after the fusion.

Source: Reuters

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