Magna Secures Business For Hybrid Dual-Clutch Transmission Program

Rhea-AI Summary

Magna has secured a Hybrid Dual-Clutch Transmission (HDT) award from Mercedes-Benz for their upcoming compact and mid-size vehicles, slated for launch in 2025. This initiative showcases Magna's commitment to the electrification of mobility as they continue to develop hybrid and fully electric powertrain solutions. Additionally, Magna is set to introduce two other HDT programs with global OEMs in the coming months, underscoring its expanding presence in powertrain electrification.

Positive

• Secured HDT award from Mercedes-Benz for 2025 vehicle launch.
• Continued partnership with Mercedes-Benz highlights trust in Magna's technology.
• Two additional HDT programs launching with global OEMs.

Negative

• None.

• Next generation compact and mid-size transmissions launching in 2025 with Mercedes-Benz
  
  
• Two HDT programs to launch in the coming months with additional global OEMs
  
  
• Shift to hybrid electric DCTs provides long-term stability for transmission business

AURORA, Ontario, Dec. 02, 2021 (GLOBE NEWSWIRE) -- With the shift to electrified vehicles speeding up in society’s pursuit of cleaner and more efficient mobility, Magna is enabling global automakers to electrify their vehicle platforms with a full range of hybrid and fully electric powertrain solutions. The company has today confirmed that it has received a Hybrid Dual-Clutch Transmission (HDT) award from Mercedes-Benz for next generation compact and mid-size vehicles, further demonstrating Magna’s continuing 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 electrification and highlights the value of a diverse powertrain portfolio in the transition toward electrification,” said Swamy Kotagiri, Magna’s Chief Executive Officer.

Magna’s powertrain expertise is supplying power to the wheels, regardless of the power source. The company is able to supply traditional products as well as electrified components and systems to automakers as they migrate their vehicle offerings toward hybrid and electric vehicles.

Two other HDT programs will launch in the coming months with global OEMs as the company further extends its foothold into powertrain electrification.

TAGS
Powertrain electrification, hybrid DCT, HDT, transmissions

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/30dbdb49-112a-4467-ab97-e14739b2d635

FAQ

What is the significance of Magna's HDT award from Mercedes-Benz?

The HDT award signifies Magna's expertise in hybrid technology, boosting its role in the electrification of vehicles.

When are Magna's next-generation transmissions expected to launch?

The next-generation compact and mid-size transmissions are set to launch in 2025.

How is Magna contributing to vehicle electrification?

Magna is providing a full range of hybrid and fully electric powertrain solutions to global automakers.

What other programs is Magna launching in addition to the HDT award?

Magna plans to launch two additional HDT programs in the coming months with global OEMs.