Global automotive components supplier Magna is going to invest $5 million Canadian dollars in the Vector Institute, a new independent Artificial Intelligence (AI) research facility in Toronto, Canada.
“The automotive world is changing rapidly, reacting and innovating in response to massive technological advances,” said Don Walker, CEO of Magna International. “Canada is a leader in the potential game-changers of machine learning and AI, and we want to be at the forefront of its advancements in the automotive sector,” ET Auto reported on April 3.
The company said in a statement “Magna’s AI strategy revolves around two key areas: manufacturing and autonomous driving. From a manufacturing standpoint, leveraging AI can provide human operators enhanced information for decision making and it can automate quality, sorting and material handling to help reduce production costs. Secondly, as future mobility continues to evolve, AI will play a major role in dynamic decision-making in autonomous driving.”
In addition to the company’s investment in Vector, Magna recently announced its support for NextAI - a program that came out of an innovation offsite with roughly 35 CEOs, entrepreneurs and technology experts to help keep home-grown talent in Canada and attract leading thinkers to the country.
“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,” said Walker.
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