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    Auto Shanghai 2025: Magna will showcase advanced products and technologies
    Magna will present its advanced vehicle technologies and high-performance parts and systems at Auto Shanghai 2025, scheduled to be held from April 23 to May 2 at the National Exhibition and Convention Center (NECC) in Shanghai. The Canadian supplier will display its strategic roadmap for the future of mobility at its booth 2BC011 in Hall 2.2. Magna will host a press conference on April 24. Magna’s display will focus on four key areas of sustainable innovations, advanced driver assistance sy...
    News
    Magna opens new manufacturing facility in North Macedonia
    Magna International has commenced operations at its new manufacturing plant in Stip, North Macedonia, See News reported April 2. The Canadian supplier invested €40 million in the new factory, which will produce mechatronic components for the automotive market. This 18,000-square-meter factory will employ more than 600 people at peak capacity. Magna already operates a plant near Struga in North Macedonia, which employs 300 people. The factory specializes in the production of exterior mirror ...
    News
    Magna joins forces with NVIDIA for advanced AI and autonomous driving solutions
    Magna has announced a collaborative initiative with NVIDIA to incorporate the NVIDIA DRIVE AGX platform into Magna's forthcoming advanced technology solutions. This partnership focuses on integrating the NVIDIA DRIVE AGX Thor system-on-a-chip (SoC), which operates on the safety-certified DriveOS and is based on the Blackwell graphics processing unit (GPU) architecture. This integration aims to enhance efficiency, speed and scalability in delivering AI and autonomous driving applications ran...
    News
    Magna’s FY 2024 net profit declines 16.8% year over year to $1 billion as sales remains stable at $42.8 billion
    Magna’s net profit declined 16.8% year over year to $1 billion in the financial year ended Dec. 31, 2024. Sales improved slightly by $39 million to $42.8 billion. The Canadian supplier recorded income from operations before income taxes of $1.5 billion, down 4% year over year from $1.6 billion in the previous financial year. Adjusted earnings before interest and taxes at $2.3 billion was 4% up year over year from $2.2 billion recorded in 2023. The company’s full-year sales benefited from ...
    Briefing
    Magna and Mercedes-Benz advance partnership with EV innovations
    As reported in a press release on Feb. 11, Magna and Mercedes-Benz have expanded their decades-long partnership, which encompasses a comprehensive range of automotive innovations and solutions. “Strong partnerships with our customers are essential for driving innovation and advancing the automotive industry,” said Eric Wilds, Magna chief strategy and commercial officer. “Our continued partnership with Mercedes-Benz exemplifies how working together can lead to groundbreaking solutions ...
    News
    Magna secures first award for hybrid drive system with Chinese OEM
    Magna has secured its first order for Dedicated Hybrid Drive (DHD) Duo system from a Chinese original equipment manufacturer, the company said in a press release on Nov. 21. The company's new solution delivers a longitudinal front-drive solution that features an advanced dual e-motor and a multispeed design. The system operates on an 800-V configuration, ensuring a smooth and comfortable driving experience across various driving conditions, positioning Magna at the forefront of hybrid technology...
    News
    Magna’s Q3 net sales declines 3.8% year over year to $10.3 billion
    Magna has reported 3.8% decline in sales to $10.3 billion in the third quarter ended Sept. 30, 2024, the company said in a press release. The decline in sales was in line with a 4% drop in global light vehicle production during the quarter, including 6% lower production in North America and mainland China each and a 2% decline in Europe. Despite lower sales, the company recorded a 30.1% year-over-year growth in income before income taxes to $700 million and a 22.8% year-over-year increase in ...
    News
    Magna launches dual clutch transmission Eco for European automaker
    Magna has launched its dual clutch transmission Eco (DCT Eco) for a European automaker, the Canadian supplier said in a press release on Oct. 29. The contract marks the first high-volume supply order for the new transmission family and supports various models in the global market with internal combustion engine (ICE) transmissions. Although Magna started supplying its DCT Eco transmissions for non-hybridized ICE vehicles, the new solution can be easily customized to support both ICE and hybri...
    News
    SDVerse launches B2B marketplace for automotive software
    SDVerse has introduced a business-to-business marketplace aimed at revolutionizing the automotive software industry by facilitating connections between buyers and sellers. This platform, also called SDVerse, is designed to improve transparency and reduce inefficiencies, costs, and time to market for automotive software.  In March, General Motors (GM), Magna and Wipro teamed up to develop the SDVerse platform for buying and selling automotive software. The platform aimed to transform...
    News
    Magna introduces autonomous last-mile delivery solution
    In a press release on Sept. 14, Magna has unveiled a comprehensive solution for the last-mile delivery segment, designed to significantly reduce both the costs associated with last-mile deliveries and the carbon emissions in urban settings. The solution developed by Magna's new mobility team encompasses a "full-stack" approach, incorporating both hardware and software elements derived from its automotive product technologies. This allows for a wide range of potential business models, offering re...
    News
    Krishna Group's SKH Metals forms strategic alliance with Magna International
    SKH Metals, a company owned by Indian auto components supplier Krishna Group, has entered into a strategic alliance with Magna International to improve its vehicle body and chassis operations in India, Autocar Professional reported Aug. 14. The two partners have established a new company named SKH M, which will leverage SKH's manufacturing prowess and Magna's advanced technology to foster innovation in chassis and body-in-white (BIW) systems, thereby enhancing product offerings, extending mar...
    News
    Magna reports Q2 2024 net sales at $11 billion, level with Q2 2023
    In a press release on Aug. 2, Magna International reported second-quarter 2024 net sales at $11 billion, which were level with the second quarter of 2023, despite a 2% increase in global light-vehicle production, ending on June 30. Adjusted earnings before interest and tax was $577 million in the second quarter of 2024 compared to $616 million in the second quarter of 2023. The decrease in adjusted EBIT reflects reduced earnings on lower assembly volumes in Complete Vehicles, h...
    News
    Radar reimagined – Interview with Magna International
    Four-dimensional imaging radar is a crucial technology for autonomous driving, providing real-time and accurate information about the surrounding environment. To learn more, we spoke to Jeff Liscouski, director, Product Management Radar at Magna International and Christian Frank, director, Pre-Development Radar at Magna International. A key technology for autonomous driving, 4D imaging radar complements other sensors such as cameras and is used in conjunction with them in the automotive indus...
    Insights
    Magna secures reconfigurable seating business from Chinese OEM
    Magna has been awarded a contract to supply a reconfigurable seating system to a Chinese original equipment manufacturer, the Canadian supplier said in a press release on June 18. The innovative seating system features fully rotating front seats along with a long seat track system, enabling a flexible layout for more in-cabin space. The reconfigurable seating system features power swivel seats with nearly two meters of power seat tracks (rails), shared by the front and rear rows and the cente...
    News
    Magna reports Q1 2024 net sales at $11 billion, up 3% YOY
    Leading auto component supplier Magna International Inc. in a press release on May 3 reported a year-over-year increase of 3% in its first-quarter fiscal year 2024 net sales to $11 billion, ending March 31, 2024. The net income was $9 million for the first quarter of 2024 compared to $275 million in the first quarter of 2023. The adjusted earnings before interest and tax increased to $469 million in the first quarter of 2024 compared to $449 million in the first quarter of 2023. The comp...
    Briefing
    Magna invests $166 million in Coahuila, Mexico, for electric mobility
    Magna International has invested $166 million in Ramos Arizpe, Coahuila, Mexico, according to an article by Mexico Now on March 20. The investment will be used in a plant that will produce electrical and structural parts for electric vehicles. The development is expected to generate 700 new jobs.  With this new investment, Magna will strengthen its presence in the region, adding a new facility to its existing 10 plants in Coahuila. Magna already employs over 15,000 people in the region. ...
    News
    General Motors, Magna and Wipro join hands to create automotive software marketplace: SDVerse
    In a multistakeholder collaborative approach, automaker General Motors (GM) has joined hands with top global supplier Magna and India’s top IT firm, Wipro Ltd., to develop a unique business-to-business sales platform for buying and selling automotive software. The all-new platform called SDVerse is likely to alter the automotive software sourcing and procurement process by providing a matchmaking platform for buyers and sellers of embedded automotive software. GM, Magna and Wipro collective...
    Briefing
    INTERVIEW: Targeting intoxication before ignition: Magna unveils impaired driving prevention technology
    At Consumer Electronics Show (CES) 2024, Magna introduced a breath- and camera-based predevelopment technology designed to prevent impaired driving. The solution represents a significant milestone in the evolution of driver and occupant monitoring systems. The new safety technology determines if drivers are "fit to drive" in a fast, reliable, and affordable way. The integrated solution combines key elements of the interior-sensing system, which utilizes camera technology to detect driver dist...
    Insights
    Magna bags a new contract to supply eDrive systems to a North American OEM
    Canadian auto-parts supplier Magna has bagged a new contract from a North America-based original equipment manufacturer to supply a specialized primary rear eDrive system for one of the company’s high-end niche vehicle platforms, Magna announced Feb. 6. The highly complex eDrive system, which is a variant of Magna’s 800V eDS Duo, delivers exceptional power and performance offered by only a few vehicles on the road today, the company said, adding that its all-new eDrive system boasts ...
    News
    CES 2024: Magna unveils next-generation 800V electric drive solution
    Canadian automotive supplier Magna has unveiled its next-generation 800V electric drive (eDrive) solution at the ongoing Consumer Electronics Show (CES) 2024 in Las Vegas, the company said Jan. 9. The company said that its all-new 800V eDrive solution delivers a peak power of 250 kW and a peak axle torque of 5,000 Newton meters (N.m). Magna said that its next-generation eDrive is a drop-in solution that incorporates several advanced technologies, resulting in significant reductions in...
    News
    CES 2024 Preview
    As we kick off the new year, S&P Global Mobility analysts are covering the anticipated trends to expect at CES 2024 in Las Vegas next week. Our team will be on the ground covering the event, with some daily shared content available via our platforms and channels. Additionally, meetings with the team are available if you’ll be at the show; we’d love to connect. Please reach out to your account representative or mobility@spglobal.com to make arrangements for a meeting.  Connected C...
    Insights
    Magna partners with Telia and Ericsson for 5G innovation in ADAS technology
    Magna has joined NorthStar-Telia Sweden and Ericsson's 5G innovation program, it said in a press release on Dec. 4. Telia and Ericsson have built a dedicated, private 5G network at Magna's test track in Vårgårda, Sweden, where new advanced driver assistance systems (ADAS) solutions in vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) connectivity are being trialed. As part of NorthStar, Magna will have access to 5G millimeter wave (mmWave) technology with low-latency gigabit speeds f...
    News
    Magna reports a 15% YOY increase in Q3 FY'23 revenue to $10.7 billion
    Magna International Inc. has registered 15% revenue growth in the third quarter of financial year 2023 to $10.7 billion compared with $9.3 billion in the same period in 2022. The net income attributable to Magna was $394 million for the third quarter of 2023 compared with $289 million in the third quarter of 2022, the company said in a press release on Nov. 3. The company said global light vehicle production in the quarter increased by 4%, including 7% and 14% higher production in North Ameri...
    News
    Magna's EcoSphere product family revolutionizes seating industry sustainability with landfill-free solution
    Magna, a mobility technology company, has introduced its EcoSphere product family, an industry-first solution that eliminates the disposal of seating foam pads and trim covers in landfills by utilizing mono-material polyethylene terephthalate (PET), a company press release said October 11. The EcoSphere product family consists of sustainable trim materials, foam padding, structures and 100% Melt Recyclable Foam and Trim technology. This innovative solution ensures that the look and feel ...
    News
    Magna aims to double EV parts, powertrain sales in 2023 ‒ report
    Canadian auto parts manufacturer, Magna International is targeting to double sales at its unit that manufactures electric powertrains and parts for electric vehicles (EVs) in 2023, as automakers rush to roll out more affordable greener models, Reuters report on September 7. Demand for parts and sensors has picked up as vehicle makers strive to push out more electrified vehicles with advanced driver aid systems such as driving monitoring systems, park assist and adaptive cruise control. Acc...
    News
    IAA Mobility 2023: LG Magna e-Powertrain announces a new plant in Hungary
    LG Magna e-Powertrain, a joint venture between LG Electronics and Magna, announced at the ongoing Internationale Automobil-Ausstellung (IAA) Mobility 2023 that it is expanding its footprint with a new facility in Miskolc, Hungary. The facility will be at a strategic location in Miskolc’s industrial area, which features well-developed infrastructure with proximity to original equipment manufacturer customers and other Magna facilities throughout the region, a press release said on September 4. ...
    News
    Magna’s mirror plant commences operation in Thailand
    Magna, one of the leading automotive suppliers, announced the opening of its new mirror-manufacturing plant in Rayong Province, Thailand, following an increase in awarded business in exterior mirrors, a company press release dated September 1 said. Magna’s Mirrors Division in Rayong Province produces exterior mirrors and various independent components that offer features including turn-signal, logo- and ground-illumination lamps; blind zone modules; and actuators for several globa...
    News
    IAA Mobility 2023: Magna to showcase software platform for EVs, lighting solutions
    At the Internationale Automobil-Ausstellung (IAA) Mobility 2023 in Munich, Magna will showcase an integrated systems approach to electrification, active safety and connectivity, it said in a press release dated August 14. Magna will debut a modular software platform for electrified vehicles, which includes advanced and predictive vehicle functions for energy and motion control. It does not depend on the layout of the powertrain and E/E architecture. “The Power of Magna is our ecosystem o...
    News
    Magna to invest $17 million to expand its lighting division in Mexico
    To serve its several new customers, leading automotive supplier Magna announced the capacity expansion of its lighting division in Querétaro, Mexico. Company officials were joined by customers and local government representatives to celebrate the $17 million expansion investment and groundbreaking, according to a company press release dated August 10. Magna’s lighting division in Querétaro manufactures rear-lighting technology, including tail lamps and appliques, for several global automa...
    News
    Magna to invest $790 million to build three new facilities in the US
    Canadian auto-parts maker Magna International Inc. has geared up to invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co.'s BlueOval City campus in Tennessee, a Reuters report dated July 20 said, quoting a company statement. Magna's facilities will support the production of Ford's second-generation electric truck, according to a company statement. One facility at Ford's campus will make battery enclosures for the truck and a second will...
    News
    Magna opens Innovation Campus Centre in Bengaluru, India
    Magna has inaugurated its Innovation Campus in Bengaluru, India, AutoCar Professional reported June 7. The 239,000-square-feet campus will be the center of the company’s research and development (R&D) activities in Asia and will support various global projects. The center will work on end-to-end software and system engineering, and product solutions for driver assistance, electric vehicles and vehicle-systems architectures. “This campus will be a hub of innovation, bringing to...
    News
    Magna posts 10.7% YOY increase in Q1 FY'23 sales to $10.67 billion
    Magna International Inc. has reported a 10.7% year-over-year growth in sales for the first quarter of fiscal 2023 at $10.67 billion, according to a company press release on May 5. Operating income fell to $275 million from $420 million, while net income declined to $209 million from $364 million. Sales was driven by higher global production of vehicles, higher volumes at company’s complete vehicles assembly segment and the launch of new programs, even as currency changes...
    News
    Magna gets new order for its high-voltage eDrive from European OEM
    Canadian auto-component maker Magna announced on May 3 that it has been awarded a high-volume contract with a Europe-based global premium original equipment manufacturer to supply its new eDrive system (eDS Mid). The eDrive is planned for 2027 model sport utility vehicles (SUVs) and sedans, with production expected to begin in 2026. Magna’s eDS Mid is a compact, high-speed e-motor that offers a scalable power range from 100 kW to 140 kW, optimized for 800V. As a high-voltage eDrive system f...
    News
    Magna to build electric off-road vehicles for INEOS Automotive
    Leading global supplier of automotive components, Magna International announced on April 17 that the company has bagged a contract to manufacture an all-new electric off-road vehicle for INEOS Automotive. Magna said that the production of the said electric vehicle (EV) is expected to start in Graz, Austria in 2026. In addition, Magna said that it will also be responsible for the engineering of the complete vehicle. Commenting on the new contract, Roland Prettner, interim president of Mag...
    News
    Magna looking to set up plant in Michigan to supply seats for GM EVs – report
    Magna International is planning to set up a new plant in Auburn Hills, Mich., which would be used to supply seats for General Motors electric vehicles (EVs), The Detroit News reported on March 30. Magna will reportedly invest over $100 million on the plant. Construction is expected to begin in July 2023 and be completed in November 2024. The plant is expected to create 500 new jobs. The proposed facility would supply seats for vehicles built in GM’s Orion plant. The facility is expe...
    News
    Magna launches SmartAccess power-door system for Ferrari Purosangue
    Magna has announced the launch of its SmartAccess power-door system, according to a company press release dated 7 March. The system will be used on the opposing rear doors of the Ferrari Purosangue. The complete system includes Magna’s power-door drive unit, SmartLatch, with cinch actuator and Haptronik software. The system will be integrated in models of various automakers later this 2023. “As an industry leader in advanced mechatronic systems, we are excited to bring one of ou...
    News
    Magna to supply battery enclosures for Chevrolet Silverado EV
    Magna has secured new business from General Motors (GM) to supply battery enclosures for model year (MY) 2024 Chevrolet Silverado electric vehicle (EV), it said in a press release on 13 February. The company will produce the enclosures at its Magna Electric Vehicle Structures facility in St. Clair, Michigan. Production is expected to begin later in 2023. “The accelerating shift toward vehicle electrification opens up exciting growth opportunities for Magna beyond powertrain. We have been ab...
    News
    Magna’s FY 2022 net sales up 4.40% y/y to USD37.8 billion
    Magna has reported a 4.40% year-on-year (y/y) growth in net sales for the full year 2022 at USD37.8 billion, according to a company press release on 10 February 2023. Operating income fell to USD878 million from USD1,948 million, while net income declined to USD641 billion from USD1,553 million. The company said that this decrease mainly reflects higher net production input costs, including energy, commodity, labor and freight costs, inefficiencies and other costs at certain underperforming f...
    News
    Magna to acquire Veoneer's active safety business
    The automotive technology company Veoneer has announced that it has entered into an agreement with Magna International to acquire Veoneer's Active Safety business from SSW Partners, a New York based investment partnership for USD1.525 billion in cash, subject to working capital and other customary purchase price adjustments, according to a press release on 20 December 2022. Veoneer's expertise in active safety and product portfolio, combined with Magna's Advanced Driver Assistance Systems (AD...
    News
    Magna plans to invest USD500 million to expand manufacturing footprint across Michigan
    Canadian automotive supplier Magna International plans to invest more than USD500 million in expanding its operations across Michigan, the company announced on 25 October 2022. The company said that it plans to expand its existing facility in St. Clair and also open two new plants, in Shelby Township and in Detroit. Notably, Magna’s existing plant in St. Clair is being expanded for ramping up production of battery enclosures. Meanwhile, the new facilities in Shelby Township and De...
    News
    Magna, Huatie partner to supply seating systems to automakers in China
    Magna has announced that it entered into a joint venture (JV) agreement with Guangdong Huatie-Tongda Express Train Systems Inc. (Huatie) to supply seating systems to new energy vehicle (NEV) automakers in Qingdao, Shandong Province, mainland China, according to a press release published by Magna on 20 October. Global VP and Managing Director of Magna Seating Asia Guanmin Chen said, “Entering a joint venture with Huatie helps us further align with trends in China’s mobility marke...
    News
    Magna opens new facility in North Macedonia to produce exterior mirror systems
    Magna has announced the expansion of its footprint in Eastern Europe with opening a new facility in Struga, North Macedonia, according to a press release on 12 October 2022. The company celebrated the grand opening of the new plant with Prime Minister of the Republic of North Macedonia Dimitar Kovačevski, members of the government and other local representatives. “We are excited about the opening of Magna’s first plant in North Macedonia, and the possibilities it brings to grow our fo...
    News
    Magna to invest over USD120 million to set up new engineering center in Bengaluru, India
    Magna has announced that the company will invest more than USD120 million to set up and operate a new engineering center in Bengaluru, India, Autocar Professional reported on 6 October. Anton Mayer, executive vice president and chief technology officer, Magna International, said, “Vehicles and their systems are becoming more electrified and software-defined, which changes the architecture and how we need to develop them. With this new engineering center, we can further strengthen our v...
    News
    Seeing Machines, Magna collaborate to accelerate in-vehicle monitoring systems business
    Seeing Machines has announced a collaboration agreement with Magna International to pursue the driver and occupant monitoring system business focusing on the vehicle's interior rearview mirror, according to a press release published by PRNewswire on 6 October. Magna has agreed to invest USD65 million in Seeing Machines, with a USD17.5 million exclusivity payment and up to USD47.5 million in convertible notes maturing in October 2026, the press release added. Sharath Reddy, senior vice pres...
    News
    Magna supplies thermoplastic rear swing door for Volkswagen’s all-electric ID.Buzz
    Magna has announced via press release on 19 September that it is supplying rear thermoplastic swing doors for Volkswagen’s all-electric ID.Buzz. Grahame Burrow, President, Magna Exteriors, said, “Lightweight components are increasingly important with the shift to electrification, and we see an ever-growing demand for new access solutions. Magna has been on the forefront of next generation thermoplastic liftgates and now we are taking that expertise to develop numerous integration possibil...
    News
    NAIAS 2022: Magna to showcase new ADAS, mobility technologies
    According to a press release on 29 August, Magna will demonstrate its capabilities in electrification, ADAS, and future mobility technologies at the 2022 North American International Auto Show (NAIAS). Also known as the Detroit Auto Show, NAIAS will be held at Huntington Place Convention Center in Detroit, Michigan, on 14–25 September 2022. One of the highlights of Magna’s booth will be the first public display of the company’s EtelligentForce technology. The advanced battery-electric v...
    News
    How is the global semiconductor shortage impacting thermal and powertrain suppliers?
    The global automotive industry reported a semiconductor shortage for the first time in the second half of calendar year (CY) 2020. That was the time when major automakers, which were looking to scale up production and revive industrial activities across the automotive supply chains, struggled to secure necessary supplies of mainly electronic and electrical components powered by the semiconductors. As demand for household appliances including consumer electronics and white goods, and cars witn...
    Insights
    Magna, Nuro join Alliance for Automotive Innovation consortium
    The Alliance for Automotive Innovation (Auto Innovators) has announced that Magna and Nuro have joined the Alliance for Automotive Innovation (Auto Innovators) as new members of the organization's growing roster of original equipment manufacturers, suppliers, and transportation innovators, according to a press release on 13 June 2022. Magna is one of the major automotive suppliers in the world. The company's global network spans 28 countries and comprises 340 manufacturing activities and 89 p...
    News
    Magna unveils interactive rear lighting on thermoplastic liftgate
    Magna has unveiled its innovative exterior rear lighting on thermoplastic liftgates, known as ‘Litgate,’ according to a press release published by the company on 2 June. The interactive lighting is only visible when it is lit. Grahame Burrow, global president of Magna Exteriors, said, “Magna’s Breakthrough Lighting enables increased design freedom and features more options for brand differentiation that can elevate our customers’ experiences. As the industry builds significant ...
    News
    BlackBerry, Magna partner on ADAS solutions for global automakers
    BlackBerry and Magna International have entered into a multi-year agreement to collaborate on various integrated Advanced Driver Assistance Systems (ADAS) solutions. Magna will acquire QNX software, including the QNX Software Development Platform, QNX OS for Safety, and QNX Platform for ADAS, as well as professional engineering services for system-level integration, performance optimization, and solution validation, as part of the arrangement. “Magna’s ADAS expertise and unique ability...
    News
    Magna supplies new 3D surround-view camera system to Toyota Tundra
    Advanced driver assistance system (ADAS) developer Magna has announced that all-new Toyota Tundra 2022 is equipped with Magna’s cameras and electrical control units that provide 3D and surround view capabilities including trailer guidance, multi-terrain view, and see-through hood, according to an official press release on 4 May 2022. Magna's trailer assist and off-road functionalities are available as part of the system, including: Trailer Guidance: a semi-automated fea...
    News
    Magna begins production of mild hybrid transmission systems for BMW Group
    Canadian automotive supplier Magna International has started the production of its mild hybrid transmission systems for BMW Group, the company announced on 2 May 2022. The company said that its all-new 7-speed, mild hybrid dual-clutch transmission will be the latest to be featured exclusively on BMW Group’s compact class, which underpins all its front-transverse vehicles. Magna further said that its contract with the BMW Group also includes production of mild hybrid transmissions for additi...
    News
    Magna reports Q1 2022 net sales at USD9.64 billion, down 5.27% y/y
    Magna has reported first quarter net sales at USD9.64 billion with a year-on-year (y/y) decrease of 5.27% compared to USD10.17 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 29 April. Operating income for the first quarter was down 47.82% y/y to USD420 million compared to USD805 million in the previous year. Net income was reported at USD364 million, compared to USD615 million for the first quarter of 2021. The company’...
    News
    Seeing Machines, Magna collaborate to demonstrate fully integrated driver monitoring system
    Advanced computer vision technology company Seeing Machines has collaborated with Magna on a demonstrator that features a fully integrated Driver Monitoring System (DMS) combining camera, electronics, and interior mirror technology, according to an official press release on 21 April 2022. The demonstrator combines Magna's mirror technology, camera design, integration, and packaging expertise with Seeing Machines' approach to optimized and co-designed optical paths, integrated computing, and a...
    News
    Magna inaugurates new exterior mirror systems facility in US
    Canadian automotive supplier Magna International has inaugurated a new exterior mirror systems facility located in Duncan, South Carolina, US, according to a press release published by the company on 7 April. The new South Carolina 170,000-square-foot facility produces exterior mirror systems for customers including BMW, Mercedes, and Volvo. The plant has started production with roughly 255 employees and expects to grow to approximately 400 jobs by over the next few years, press release added...
    News
    Magna expands battery enclosure business to support supplies to Ford F-150 Lightning
    Canadian automotive supplier Magna International said on 30 March 2022 that the company is expanding its operations that are of its St. Thomas based facility into the Chatham unit to support a new business from Ford Motor Company. The ongoing expansion comprises a new 170,000-square-foot facility in Chatham where it plans to make electric vehicle (EV) battery enclosures for Ford’s all-new electric pickup F-150 Lightning and is expected to create up to 150 new jobs, the company said. “With...
    News
    Russia-Ukraine conflict: Magna halts production at its Russian plants
    Canadian automotive parts manufacturer Magna halts operations in Russia following the ongoing Russia-Ukraine crisis, the company operates six facilities and employs around 2,500 people, according to The Globe and Mail on 4 March. Significance: The Russia-Ukraine conflict has triggered a wave of international sanctions and will likely complicate trade relations with Russia. Materials and components were already in a fragile recovery phase due to the COVID-19 disruptions in supply chain an...
    News
    Magna and LAN collaborate to assemble complete seats for Ford Motor Company
    Magna and LAN Manufacturing entered into a joint venture (JV) to assemble complete seats for various trucks and SUVs for Ford Motor Company in Detroit, Michigan, according to a press release published by Magna on 22 February.   Magna Seating President John Wyskiel, said, “We are excited about this opportunity with LM Manufacturing as we continue supporting Ford on some of their high-volume vehicle programs. We expect the joint venture to complement the seating capabilities and footprin...
    News
    Magna appoints Robert F. MacLellan to chairman of board, announces other leadership changes
    Magna’s board has selected Robert F. MacLellan to succeed William L. Young following Magna’s annual meeting, according to a company press release on 11 February.   Swamy Kotagiri, Magna CEO, said, “I want to thank Bill for his outstanding leadership and contributions to the company’s success over the last 11 years. He has been instrumental in helping guide the company’s disciplined approach to growth.” Significance: Additional leadership changes include, Peter G. Bowie, wi...
    News
    Magna reports FY 2021 net sales at USD36.2 billion, up 11%y/y
    Magna reports financial year (FY) net sales of USD36.24 billion with a year-on-year (y/y) increase of 11% for the full year that ended 31 December 2021, according to a filing by the company on 11 February. Operating income for 2021 was USD1.94 billion, an increase from USD1 billion in the previous year. Net income was reported at USD1.51 billion, when compared to USD757 million for 2020. Swamy Kotagiri, CEO, Magna, said, “Although 2021 presented its share of challenges, we delivered above-m...
    News
    Magna gets high-volume order from German automaker for its DMS
    Magna has announced that it has been awarded a high-volume contract from a German automaker for a solution combining its camera, electronics and interior mirror technology from 2024, according to press release dated 7 February. “Distracted driving remains one of the leading causes of vehicle accidents globally and many markets are consequently making driver monitoring a standard safety technology. With our proven leadership and expertise in camera and mirror technology, it’s natural that ...
    News
    Magna claims to increase EV range with software
    According to a press release published on Green Car Report on January 2, automotive supplier Magna is launching a complete electric powertrain package that the company claims can increase range by up to 30%. The powertrain, known as EtelligentReach, will debut on a "new entrant vehicle" in 2022, according to a press release from Magna. It has two electric motors, inverters, and gearboxes, but Magna says the majority of the efficiency gains will come from a comprehensive software approach. ...
    News
    Magna’s innovative, all-electric powertrain to debut in a new vehicle in 2022
    Canadian automotive supplier of powertrain and seating systems Magna said on 13 December 2021 that the company has developed an all-electric connected powertrain, which will debut on a new vehicle in 2022. Named EtelligentReach, the complete system is comprised of two electric motors, inverters and gearboxes, and leverages advanced software to maximize vehicle range and driving dynamics. “eDrive technology advancements and the holistic vehicle development approach of the EtelligentReach ach...
    News
    Magna to provide hybrid DCT to Mercedes-Benz
    According to an official press release dated 2 December, Magna has confirmed that it has received a Mercedes-Benz Hybrid Dual-Clutch Transmission (HDT) award for next generation compact and mid-size vehicles, demonstrating Magna's ongoing transformation in the electrification of mobility. “This award is a result of our long-term collaboration with Mercedes-Benz and their trust in our transmission technology expertise. It confirms that hybrid technologies play a key role on the path to elect...
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    Magna to supply aluminum battery enclosures to Ford for F-150 Lightning electric pickup
    Canadian automotive component supplier Magna International will provide battery enclosures to Ford Motor’s upcoming all-electric pickup truck F-150 Lightning, the company said on 9 November. The company said that the battery enclosures, in an electric vehicle, provide protection to the high-voltage batteries, electrical components, sensors, and connectors, contributing to the structural and safety aspects of a vehicle’s frame and protecting critical components from potential impact, ...
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    Magna’s FreeForm seat trim technology secures additional business
    Magna’s FreeForm seating technology will be launched in four new vehicles, the company said in a press release on 4 November. The innovative seat trim technology provides a neat, sculpted, and seamless styling surface allowing a number of design possibilities. Significance: FreeForm offers a variety of benefits such as: Styling flexibility: The technology suite can achieve design details as sharp as 1mm radius when compared to 20–25mm or traditional cut and sew allowing automot...
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    Magna reports third quarter 2021 financial results
    Magna reported sales of USD7.9 billion when compared to USD9.12 billion from the third quarter of 2020, a decrease of 13% year-on-year (y/y) growth as compared to third quarter of 2020, according to the company’s press release on 5 November. Operating income was USD27 million for the third quarter of 2021 against USD436 million for the same period in 2020. “The current industry environment has taken a toll on our short-term financial results and outlook, but we are confident that our unde...
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    Magna releases 2021 outlook on declined light vehicle production
    Magna expects total sales for 2021 to be in the range of USD35.4–36.4 billion, compared with USD38.0–39.5 billion, owing to the expected decline in 2021 light vehicle production, it said in a press release on 20 October. “Adjusted EBIT margin is now expected to be in the 5.1% to 5.4% range, compared to 7.0% to 7.4% in our August outlook.” Significance: Magna said the primary reason for lowering the sales expectation of the year is the decline in vehicle production at OEMs in...
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    Magna expands in Eastern Europe by setting up new seating plant in Serbia
    Magna has expanded its European footprint by setting up new seating plant in Serbia, it said in a press release on 20 October. The facility is expected to increase workforce from approximately 780 currently to 1,000 employees by end of 2022. “Making this investment reflects the growth in demand for our seating products and positions us in close proximity to our customer,” said John Wyskiel, president, Magna Seating. “We’d like to thank the Serbian government for their support and collabo...
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    Qualcomm, SSW Partners to buy Veoneer in USD4.5 billion deal
    According to an official press release from Veoneer dated 4 October, chipmaker Qualcomm Inc. and SSW partners have agreed to buy Swedish automotive technology group Veoneer for USD4.5 billion. SSW Partners will collaborate with Veoneer's management to ensure the continuation of Veoneer's current business plan and the identification of strong, long-term strategic partners for the Restraint Control Systems (RCS) and Active Safety businesses. SSW Partners' principals have extensive internat...
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    Magna announces termination of merger agreement with Veoneer
    Magna International Inc. today announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for USD37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer, and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement...
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    Magna and Veoneer announce expiration of waiting period under HSR Act
    According to an official press release dated 21 September, Magna and Veoneer announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or HSR Act, in connection with Magna's previously announced acquisition of Veoneer had expired. The waiting period expired at 11:59 pm on 13 September 2021 without the issuance of a so-called “second request” by the US Federal Trade Commission (the “FTC”) or the US Department of Justice Antitr...
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    Veoneer files definitive proxy statement with SEC regarding merger with Magna
    Swedish automotive parts manufacturer announced via press release on 9 September that it had filed a definitive proxy statement with the Securities and Exchange Commission ahead of its October stockholder meeting in which Veoneer stockholders are expected to consider the announced merger agreement with Magna International Inc. According to the press release, Veoneer also noted that it was continuing to engage in discussions with Qualcomm Incorporated in response to Qualcomm’s competing prop...
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    Magna to display EV, hybrid systems at IAA 2021 Mobility Show in Munich
    Canadian automotive component manufacturer Magna International plans to display its innovative powertrain solutions for electric and hybrid vehicles at the IAA 2021 Mobility Show, the company said in a press release on 1 September. It said that the visitors of IAA will be able to see the Magna Etelligent Reach powertrain system, which is scheduled for commercial launch in a completely new production vehicle next year. According to the company, through an intelligent electrified powe...
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    Veoneer files preliminary proxy in connection with Magna merger agreement
    According to a press release on Cision News dated 20 August, the automotive technology company Veoneer announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission as part of the process following the previously announced merger agreement with Magna International. The preliminary proxy statement is incomplete and may be amended. A definitive proxy statement is expected to be sent to Veoneer stockholders in connection with a special meeting of Veoneer s...
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    Magna’s Mezzo Panel integrates lighting, cameras and ADAS into vehicle front ends
    Magna's new Mezzo Panel technology, according to an official press release dated 18 August , is reimagining the face and functionality of electric vehicle (EV) front ends. The fully integrated Mezzo Panel provides designers with a fresh canvas and engineers with the opportunity to seamlessly integrate advanced driver assistance system (ADAS) capabilities such as radar, cameras, and lighting. “We can essentially hand designers and engineers a paint brush to create adaptations of current vehi...
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    Magna Q2 2021 sales increase 110% y/y to USD9.03 billion
    Global automotive supplier, Magna has reported total sales of USD9.03 billion in the second quarter 2021, registering a y/y growth of 110%, the company said in its earnings release on 6 August. According to the company, revenues from body exteriors and structures contributed USD3.65 billion to its overall turnover, making the business vertical its largest. Power and Vision contributed USD2.9 billion, followed by seating systems at USD1.16 billion and complete vehicles at USD1.5 billion to M...
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    Veoneer to start talks with Qualcomm over merger offer
    According to an official press release dated 8 August, Veoneer announced that the company's board of directors has determined that Qualcomm's proposal to acquire Veoneer (the "Qualcomm Proposal") would reasonably be expected to result in a "Superior Proposal," as defined in Veoneer's merger agreement with Magna (the "Merger Agreement"). As a result of the Board's decision, Veoneer may, and intends to, engage in discussions with Qualcomm based on the Qualcomm Proposal under the terms of the Me...
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    Qualcomm offers to buy Swedish auto parts maker Veoneer for USD4.6 billion, topping Magna's bid
    According to an official press release dated 5 August, chipmaker Qualcomm had offered to buy Swedish auto parts maker Veoneer for USD4.6 billion, an 18.4% premium over a bid accepted by Veoneer's board in July by Canada's Magna International. "As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition," said Qualcomm CEO Cristiano Amon. However, Veoneer...
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    LG Magna e-Powertrain JV launched
    LG Electronics and Magna International Inc. have signed the transaction agreement which establishes a joint venture (JV) between the two companies. According to a press release issued by Magna on 28 July, the new company, to be called LG Magna e-Powertrain, is headquartered in Incheon, South Korea. The JV company will manufacture e-motors, inverters and on-board chargers and, for certain automakers, related e-drive systems. Leading the new firm will be CEO Cheong Won-suk, who was most recentl...
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    ACQUISITION: Magna to acquire Veoneer for USD3.8 billion
    According to an official press release dated 23 July, Magna and Veoneer announced the signing of a definitive merger agreement in which Magna will acquire Veoneer, a leader in automotive safety technology. According to the terms of the agreement, Magna will pay USD31.25 per share in cash for all of Veoneer's issued and outstanding shares, for a total value of USD3.8 billion and an enterprise value of USD3.3 billion as of 31 March 2021, inclusive of Veoneer's cash, net of debt and other debt-l...
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    Magna to open new factory in North Macedonia to produce wing mirrors
    Canadian automotive systems supplier, Magna International Inc., has announced that it will establish a new production facility near Struga, in the southwestern part of North Macedonia. According to a report filed by Bulgaria-based news agency SeeNews on 1 July, this facility, which represents an investment of EUR35 million (USD41.5 million), will manufacture wing mirrors for the Dacia Duster. The new production plant will cover an area of 17,000 square meters (approximately 183,000 ...
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    Magna, LG to launch EV powertrain joint venture in July 2021
    LG Electronics and Magna will launch their new joint venture, LG Magna e-Powertrain, in July. According to a press release issued by LG on 3 June, this new JV will produce EV components that combine Magna’s know-how of electric powertrain systems and automotive manufacturing capabilities with LG’s ability to develop components for e-motors and inverters. LG will own 51% of the new company and Magna will acquire a 49% stake. The companies are presently in the process of selecting board rep...
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    Fisker and Magna sign long-term manufacturing agreement
    Manufacturer of sustainable electric vehicles (EVs) and advanced mobility solutions Fisker announced that it has signed a binding agreement supporting manufacturing with Magna International Inc. According to a press release issued by Fisker on 17 June, the companies confirmed that production of the all-electric Fisker Ocean sport utility vehicle (SUV) is projected to commence on 17 November 2022. Fisker and Magna have previously signed agreements on EV platform sharing and advanced ...
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    Magna introduces surface element lighting technology
    Global tier-1 supplier of automotive components, Magna International has developed an all-new surface element lighting technology, which offers a new palette of options for the automotive designers, the company said on 7 June 2021. First introduced on Volkswagen’s pure electric model ID.4, Magna’s new surface element lighting technology offers a compact look, providing customizable and affordable LED lighting options for exterior vehicle applications, the company said. According to Mag...
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    Magna to build vehicle mirror plant in South Carolina, US
    Canadian auto parts supplier Magna International Inc. is building a new plant in the South Carolina, US, to manufacture vehicle mirrors, according to a report by Automotive News on 27 May 2021. The company is investing USD31 million in the new plant near Spartanburg that will supply to BMW, Mercedes-Benz, and Volvo. Significance: The company broke ground on the plant in March this year. Magna Mirrors, a unit of Magna, expects the planned 170,000-square-foot plant to employ about 300 peop...
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    Magna Q1 2021 sales rise 17.6% y/y to USD10.18 billion
    Canada-based automotive components and systems supplier, Magna International, has published its financial results for the first quarter of the 2021 fiscal year. In a press release issued by Magna on 6 May, the company announced that it registered sales of USD10.18 billion, which implies a climb of 17.6% year-over-year (y/y) from the USD8.66 billion posted in sales during the same time frame of FY 2020. The higher sales figure was driven by an 18% increase in global light vehicle production. T...
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    Magna commits to carbon neutrality in global operations by 2030
    Magna enters a new era in its sustainability journey with its announcement to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally. “While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Magna CEO Swamy Kotagiri. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight a...
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    Magna wins new business for eDrive gearboxes with EV startups in China
    Canadian automotive components and systems supplier, Magna, has announced that it has won additional business to further support Chinese electric vehicle (EV) startups. Furthermore, according to a press release issued by Magna on 19 April, the company’s joint venture with Jiangling Motors Co., Ltd. has achieved the milestone of having produced its 100,000th eDrive gearbox. The company’s eDrive gearboxes are rated for a torque range from 200 Nm to 530 Nm, and they are installed in various ...
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    LG Electronics-Magna JV close to signing deal with Apple to manufacture EVs
    LG Magna e-Powertrain, a joint venture (JV) between LG Electronics and Magna International is "very near" to signing contracts with Apple to build its early electric vehicle (EV) models, reports The Korea Times. According to the report, Apple plans to limit production volume, as it aims to evaluate the marketability of the first-generation EVs. Significance: LG will own 51% of the new company and Magna 49%, the transaction of which is expected to close in July this year, pending LG shareholde...
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    Magna launches camera-based Driver Monitoring System to reduce distracted driving
    Magna developed a market-ready Driver Monitoring System (DMS), which combines its expertise in cameras and mirrors. It is integrated into an interior mirror and meets global regulations related to the detection of distracted driving. The system utilizes camera-based technology to monitor the driver’s head, eye, and body movement to detect distracted behavior, drowsiness, and fatigue. John O’Hara, president of Magna Mirrors and Electronics, said, “Magna’s Driver Monitoring System offer...
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    Magna introduces eBeam technology for pickup truck electrification
    Canadian automotive components and systems manufacturer, Magna, has announced that it is expanding its powertrain electrification capabilities. According to a press release issued by Magna on 11 March, the company has launched its new eBeam technology, which is scalable and gives automakers the ability to electrify their trucks without sacrificing utility and functionality. The system has been designed specifically to transition pickup trucks and light commercial vehicles to hybrid or full ba...
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    Magna debuts electrified chassis and connected PHEV powertrain systems
    As part of Magna’s roadmap to e-mobility, the company has introduced its new connected plug-in hybrid vehicle (PHEV) drivetrain and next-gen all-electric AWD solution. According to a press release issued by Magna on 4 March, the company debuted both these products in Sweden. The Magna EtelligentEco is an intelligent, connected PHEV system that reduces greenhouse gas emissions by up to 38%, and offers a cloud connectivity feature. It accounts for local electricity sources when charging is re...
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    Magna develops new surround view cameras and ECUs for automotive applications
    Magna has unveiled new surround view cameras and electronic control units (ECUs) 3D surround-view systems in cars, the company said in a press release on 25 February. Magna’s next generation cameras and domain controllers will enable 3D surround view available to a wider customer base. “By providing a high-performance surround view platform that is cost-effective, we’re helping our customers bring added safety and convenience to more drivers. This broader on-the-road experience serves a...
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    Magna begins construction of new battery enclosure production plant in Michigan, US
    Canadian automotive components and systems supplier, Magna International, announced that it has broken ground on a new manufacturing facility in St. Clair, Michigan, US. According to a press release issued by Magna on 23 February, the company stated that this new facility will build complex battery enclosures for the new 2022 GMC Hummer EV. The 345,000-square-feet facility will be named Magna Electric Vehicle Structures, and represents an investment of over USD70 million. It is expected ...
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    Magna, DuPont partner to develop lighter liftgate
    Canadian supplier Magna International and chemical giant DuPont have entered a partnership to develop lightweight liftgate, according to a report by Automotive News on 22 February. The two companies have developed a bond that provides rigidity and strength to the liftgate's joints. For this, DuPont's Betaseal structural adhesive systems were customized for use on low-surface energy substrates. According to the companies, the adhesive is not just a bonding feature, but also a sealing feature. The...
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    Magna’s FY 2020 sales declines 17.2% y/y to USD32.65 billion
    Canada-based automotive components and systems supplier, Magna International, has published its financial results for the 2020 fiscal year. According to a press release issued by Magna on 19 February, the company reported sales of USD32.65 billion during FY 2020, which represents a reduction of 17.2% year-over-year (y/y) from the USD39.43 billion generated in sales during the 2019 fiscal year. However, the company’s sales in the fourth quarter 2020 period increased from USD9.4 billion durin...
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    Magna secures environmental approval for capacity expansion in Slovenia
    The Environment Agency of Slovenia has issued a preliminary environmental approval for Magna’s capacity expansion near Maribor, Slovenia, according to a press release on the official website of InvestSlovenia on 5 February. According to the Environment Agency, Magna's application will now be reviewed, whereupon a public consultation will follow involving environmental and other groups, and then an environmental approval can be issued as a precondition for a construction permit. Significa...
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    Magna expands collaboration with Fisker to jointly develop ADAS
    Magna is collaborating with Fisker to develop an advanced driver assistance system (ADAS), the company said in a press release on 4 January. The two companies will jointly develop industry-unique ADAS features and a suite of software packages, powered by a scalable controller architecture. The ADAS package will include cameras and ultrasonic sensors as well as the Icon Radar, a new digital imaging radar developed in collaboration with US-based startup Uhnder. The ADAS feature will debute on the ...
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    Swamy Kotagiri takes over as new CEO of Magna
    Magna has announced that Swamy Kotagiri has taken over as new CEO of the company, effective 1 January 2021, according to a company press release on 4 January. He succeeded Don Walker, who retired at the end of 2020. Kotagiri has been working with Magna for more than two decades now and has served in various product groups and corporate roles, spanning functions including engineering, operations, and research and development (R&D). Kotagiri contributed to the company’s recent g...
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