STOCK TITAN

Magna Lands Industry-First Award for Integrated Driver and Occupant Monitoring System

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Magna has secured a significant contract with a German automaker to produce an innovative integrated driver and occupant monitoring system. This system, combining camera and electronics into the interior mirror, is set to begin production in 2024. Designed to improve vehicle safety by detecting distracted driving and monitoring cabin occupants, the system utilizes advanced software and a unique unobtrusive camera setup. With the rise of driver assistance technologies, this contract positions Magna favorably within the growing market for advanced driver assistance systems (ADAS).

Positive
  • Secured a high-volume contract with a German automaker for a driver monitoring system.
  • Innovative integration of camera and electronics into the interior mirror reduces packaging complexities.
  • Production of the system expected to start in 2024, enabling future growth in the ADAS market.
  • Enhances vehicle safety by monitoring driver behavior and cabin occupancy.
Negative
  • None.
  • System solution fully integrates camera and electronics into the interior mirror
  • Driver and in-cabin occupant monitoring achieved with a single camera
  • Starts production in 2024 with German automaker

AURORA, Ontario, Feb. 07, 2022 (GLOBE NEWSWIRE) -- With the rapid global growth of advanced driver assistance systems (ADAS), driver monitoring is quickly becoming an important feature and safety function. Getting ahead of Euro NCAP and General Safety Regulation mandates, Magna has secured a high-volume, global award from a German automaker to bring its industry-first system solution combining its camera, electronics and interior mirror technology to the market starting in 2024.

The system reduces packaging complexities by fully integrating Magna’s high-resolution camera, infrared emitters and electronic control unit into the company’s interior mirror. One of the unique features is the camera which is hidden behind the mirror glass, providing both packaging and styling improvements compared to existing solutions on the market today. Advanced software monitors the driver’s head, eye and body movement to help detect signs of distracted behaviour, drowsiness and fatigue. In addition, the system features in-cabin monitoring which allows it to not only monitor the driver, but the activities and presence of other occupants in the vehicle.

“Distracted driving remains one of the leading causes of vehicle accidents globally and many markets are consequently making driver monitoring a standard safety technology,” said John O’Hara, President of Magna Electronics and Magna Mechatronics, Mirrors and Lighting. “With our proven leadership and expertise in camera and mirror technology, it’s natural that we have been able to develop an innovative system solution that meets future Euro NCAP and GSR requirements, and optimizes space, styling and costs.”

A unique feature of Magna’s system is the central, unobstructed location high on the windscreen which provides an optimal view of the driver, front seat passenger, second and third row occupants. This allows both driver and occupancy monitoring with a single camera – uniquely packaged into the mirror unit.

“Our driver monitoring system opens up a world of possibilities when it comes to integration with other ADAS vehicle technologies, and lends itself to new mobility concepts such as authentication for ride sharing. With our full systems expertise, Magna is ideally positioned to unlock these opportunities – further helping to improve safety, comfort and convenience for all who share the road.”

TAGS
Driver Monitoring, Occupant Monitoring, Safety, Software, ADAS, driver assistance systems

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248.761.7004

ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 154,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 90 product development, engineering and sales centres spanning 28 countries.

For further information about Magna [(NYSE:MGA; TSX:MG)], please visit www.magna.com or follow us on Twitter @MagnaInt.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ab0ddbf9-1954-4a3b-a6f0-826eb76142fb

https://www.globenewswire.com/NewsRoom/AttachmentNg/15c9d22c-b297-4af6-b939-3c52921de018


FAQ

What is Magna's new driver monitoring system about?

Magna's new driver monitoring system integrates a camera and electronics into the interior mirror to monitor driver behavior and occupant presence.

When will Magna start production of its new monitoring system?

Production of Magna's driver monitoring system is set to begin in 2024.

Which automaker has Magna partnered with for the new monitoring technology?

Magna has secured a contract with a German automaker for the production of its driver monitoring system.

How does Magna's monitoring system enhance vehicle safety?

The system detects signs of distracted driving, drowsiness, and fatigue through advanced monitoring of the driver and other occupants.

What market trend is influencing Magna's new system?

The rapid growth of advanced driver assistance systems (ADAS) is driving the development and integration of driver monitoring technologies.

Magna International

NYSE:MGA

MGA Rankings

MGA Latest News

MGA Stock Data

11.86B
268.84M
6.18%
76.85%
5.16%
Auto Parts
Consumer Cyclical
Link
United States of America
Aurora