06:00 AM EST, 11/21/2025 (MT Newswires) -- China-based GAC Group and Magna (MG.TO, MGA) announced overnight Thursday a vehicle assembly program to accelerate electric mobility and expand localized EV production in Europe.

A statement noted that serial production of GAC's electric SUV AION V is now underway at Magna's Graz facility. "Europe is a vital market in GAC's global development," said Wei Haigang, President of GAC International.

Meanwhile, Roland Prettner, President of Magna Complete Vehicles, said: "Our Graz facility provides flexibility and capacity, allowing OEMs like GAC to localize production efficiently and confidently."

Thursday's statement noted the AION V, which earned a five-star Euro NCAP rating, debuted in Finland, Poland and Portugal. GAC plans to expand into additional European markets through new partnerships, service and sales networks.

Shares in Magna fell 3.7% in Canada yesterday amid broad market losses.