Infiniti, the luxury vehicle brand of the Nissan Motor Co., Ltd. has signed a memorandum of understanding with Magna Steyr, an operating unit of Magna International, for the assembly of a future luxury entry level Infiniti compact vehicle. Production of the vehicle is due to start in 2014. This tentative agreement follows an engineering assignment which Magna Steyr is already intensively working on.
“This new vehicle represents a significant opportunity for the Infiniti brand to reach new consumers and grow in key markets such as Western Europe,” said Andy Palmer, Nissan Motor Company executive vice president who is responsible for Infiniti. “We are pleased to be working with Magna Steyr to realize this important product.”
Günther Apfalter, President of Magna Europe and Magna Steyr, stated, “We are very delighted to sign this first vehicle assembly agreement with Infiniti. It is an important milestone to further diversify Magna Steyr's customer portfolio as a supplier of engineering services and complete vehicle assembly.”
Both companies are currently finalizing the details for the manufacturing and supply agreements. No additional details are being released at this time.
As reported by Infiniti
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