Leading automotive components supplier, Magna has revealed that it will be investing 5 million Canadian dollars in an independent institute that specializes in research on artificial intelligence. The Vector Institute is a new facility that has opened in Toronto, Canada.
Commenting on the investment, Don Walker, CEO of Magna International said that the automotive industry is changing at a very fast pace and companies need to react and innovate in response to these technical advances. Canada is one of the leading countries when it comes to research on machine learning and AI, and Magna is keen to stay abreast of developments in this sector.
The company said in a statement that Magna’s AI strategy focuses on mainly two key areas: autonomous driving and manufacturing. From the manufacturing perspective, using AI can provide employees with more information for decision making and can also cut production costs by automating quality, sorting and material handling. When it comes to autonomous driving, AI will emerge as a key component for dynamic decision-making.
The investment in Vector is not Magna’s only investment in this regard. Magna had recently announced its support for NextAI – a program that is the outcome of an innovation offsite with roughly 35 CEOs, entrepreneurs and technology experts to help keep local talent in Canada and attract leading thinkers to the country.
Walker concluded, “Magna has built a legacy on manufacturing and innovation which started in Canada. This year marks the company’s 60th anniversary and we are not slowing down. We continue to invest in our people, operations and technologies, all of which we expect will bring continued success for another 60 years and more.”
