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Magna International (NYSE: MGA, TSX: MG) is a global leader in mobility technology, providing comprehensive solutions for the automotive industry. Established in 1957 and headquartered in Aurora, Ontario, Magna specializes in a range of products including exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling, engineering, and contract vehicle assembly.
With an entrepreneurial culture and a corporate constitution that ensures profit distribution among various stakeholders, Magna employs over 179,000 people across 344 manufacturing operations and 104 product development, engineering, and sales centers in 29 countries. In 2023, the company generated $42.8 billion in revenue, with 48% from North America, 38% from Europe, and the remainder from Asia.
Magna's top customers include General Motors (14% of total revenue), Mercedes, and BMW, which together account for 76% of the company’s revenue. The firm's broad product portfolio and innovative approach have positioned it as a key player in the automotive industry.
In recent developments, Magna has expanded its electrification efforts. Notably, the company secured a contract to supply a primary rear eDrive system for a high-end vehicle platform in North America. This system, a variant of Magna’s 800V eDS Duo, integrates two e-motors, two inverters, and two gearboxes, delivering 726 kW of power and 8,000 Nm of torque.
Magna also announced a partnership with Serve Robotics to manufacture delivery robots, enhancing the adoption of robotics in logistics. This aligns with Magna’s strategic focus on innovation and supporting the automotive industry's transition to electrification and automation.
Magna’s financial health is robust, with strategic investments and an ongoing share repurchase program aimed at maximizing shareholder value. The company's forward-looking approach includes collaboration with industry leaders and continuous development of cutting-edge technologies.
For more information, visit www.magna.com.
Magna has announced the launch of its EtelligentForce battery electric 4WD powertrain system, designed for pickup trucks and light commercial vehicles. Targeted for production in 2025, this system preserves the full capabilities of conventional trucks, offering up to 14,500 pounds towing capacity and a peak power of 430 kW. Additionally, Magna is establishing a new EV center in Michigan to prepare for the North American EV market. The introduction of EtelligentForce reflects Magna's commitment to sustainable mobility while maintaining performance.
Magna announced the debut of its all-electric connected powertrain, EtelligentReach, set to launch in a new vehicle in 2022. This innovative system includes electric motors and advanced software designed to enhance vehicle range by up to 145 km (90 miles) and improve driving dynamics. It features a modular control unit and various driving modes, maximizing efficiency and reducing CO2 emissions. Magna's leadership in powertrain technology positions it to capitalize on the growing demand for electrification in the automotive sector.
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.
Magna is set to showcase its innovative mobility solutions at CES 2022 in Las Vegas, emphasizing its advancements in electrification, advanced driver assist systems, and connectivity. The company, recognized with the CES 2022 Best of Innovation Award for its ICON Digital Radar, highlights technologies aimed at sustainable and efficient mobility. CEO Swamy Kotagiri underscores the importance of product optimization and systems integration. Attendees can visit Magna's booth #5528 in the West Hall to experience these innovations firsthand.
Magna International Inc. (TSX: MG, NYSE: MGA) has received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid, allowing it to repurchase up to 29,948,000 Common Shares, approximately 10% of its public float. This buyback program aims to cancel shares, support stock-based compensation, and fulfill profit-sharing obligations. The bid starts on November 15, 2021, and ends by November 14, 2022. As of November 1, 2021, Magna had 300,752,976 outstanding shares and previously repurchased 2,903,523 shares at an average price of US$91.52.
Magna has announced its role in supplying battery enclosures for the all-electric Ford F-150 Lightning, set to debut in spring 2022. These enclosures house high-voltage batteries and critical components, enhancing vehicle safety and structural integrity. Made from lightweight aluminum, the enclosures minimize added weight. This partnership marks Magna's first supply of such enclosures to Ford in North America, showcasing Magna's engineering expertise in electrification technologies. The company aims to leverage its capabilities to address the growing demand for electric vehicles.
Magna International reported a 13% decrease in sales to $7.9 billion for Q3 2021, driven by global light vehicle production declines of 12%. This included significant drops of 20% in Europe and 19% in North America. Diluted earnings per share fell to $0.04 from $1.35 a year prior, largely due to semiconductor chip shortages and increased production costs. For the first nine months of 2021, sales rose 23% to $27.1 billion, with adjusted diluted earnings per share at $3.83. The company also declared a dividend of $0.43 per share.
Magna's new FreeForm™ seating technology, set to launch on four vehicles, offers innovative design and comfort advantages in the automotive market. This technology enhances styling flexibility, enabling design details as sharp as 1mm. It provides improved back comfort and incorporates sustainable materials, including up to 50% recycled content. With features like easier cleaning and additional cabin space, FreeForm™ aims to meet the growing demand for superior vehicle interiors. The launch involves a large SUV, a midsize crossover, a sedan, and an all-electric SUV, expected in dealership by 2022.
Magna International (NYSE: MGA) has revised its 2021 outlook due to a projected decline in light vehicle production, estimating a reduction of 7% in North America and 9% in Europe. This is primarily attributed to ongoing semiconductor chip shortages and COVID-19's impact on the automotive supply chain. The company now anticipates total sales between $35.4 billion and $36.4 billion, down from a previous range of $38.0 billion to $39.5 billion. Expected Adjusted EBIT Margin has also decreased, now forecasted between 5.1% and 5.4%, reflecting operational inefficiencies and increased costs.
Magna International (NYSE: MGA) will host its Q3 2021 results conference call on November 5, 2021, at 8:00 AM ET. Investors can join via telephone or webcast on the company's website. A replay will be available two hours post-call until November 12, 2021. For North America, the dial-in number is 1-800-926-9175, and for international callers, it is 1-416-641-6701. Additional contact information includes investor relations vice-president Louis Tonelli and executive assistant Nancy Hansford for teleconference inquiries.
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