October 28, 2004

Magna Steyr to build Chrysler 300C

After confirming ratification of a third shift agreement at Brampton (Ontario) Assembly Plant, Chrysler Group and Magna Steyr announced plans to grow their production relationship by forming a manufacturing agreement for the Chrysler 300C Touring and Sedan vehicles for European and rest-of-the-world distribution. Magna Steyr's Graz, Austria facility will add the rear-wheel-drive and all-wheel-drive vehicles to its Chrysler Group production line up that currently includes the Jeep® Grand Cherokee and the Chrysler Voyager.

Since the introduction of the Chrysler 300C Touring and Sedan in markets outside of North America, the public response to the vehicles has been greater than we expected. For next year, demand from the markets is far beyond our original projections," said Dieter Zetsche, Chrysler Group President and Chief Executive Officer. "The production launch next year at Magna Steyr will enable us to have 300Cs on the ground quickly to meet growing market demand from a facility that has proven its expertise in building quality vehicles for world markets."

Magna Steyr will assemble the various offerings of the Chrysler 300C Touring and Sedan, including: left- and right-hand drive versions; a high-performance version -- the SRT-8; and a diesel-powered model that will launch in late 2005. The vehicles will be assembled in the same facility as the Grand Cherokee and Voyager, showcasing Magna's production flexibility.

The Brampton (Ontario) Assembly Plant in Canada is currently the only production location for the Chrysler 300 Sedan and Touring and Dodge Magnum, and soon-to-be-launched Dodge Charger. By adding a second production site for the Chrysler 300 family, Chrysler Group will be able to satisfy demand in Europe and rest-of-the-world markets, while not compromising its ability to deliver more vehicles to North America, where demand is the highest.

Magna Steyr is a leading engineering and manufacturing partner to the automotive industry's original equipment manufacturers (OEMs). The wholly owned group of Canadian-based Magna International Inc. is also the world's leading supplier of OEM contract vehicle assembly.

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