Magna International, known as the number one auto-parts company in Canada, is widening its horizons and extending its business to include e-bikes.
This venture by Magna may be helping Canada in becoming a major competitor in the “bionic bikes” industry, but critics are saying that it also has the potential of becoming another financial failure, much like the doomed Magna Entertainment horse-racing project that cost the company millions of dollars in capital.
Even company CEO Frank Stronach may have lost some sleep over this new endeavor, but not his right-hand man, Manfred Gingl, who actually resigned from his position as vice-chairman and company director just so he could head up the new Magna Marque e-bike division.
Manfred Gingl has all the confidence in the world that e-bikes will be big in Canada, since he has already sunk $2 million of his own money into the venture. Even his boss, Stronach,…