Breaking now, auto part maker Magna International has announced a new joint venture with Ford Motor Company to jointly develop a new electric car. The new car will be based entirely on electricity and can operate up to 160km before a second charge is necessary. Magna says the car will take up to 12 hours to charge on standard volts. Magna said it would be responsible for developing power-train, battery and other critical modules. The expected market launch is set for 2011, but it will likely be a bit later. The Chevy Volt electric car is also expected to launch in 2011.