Welcome to our dedicated page for Magna International news (Ticker: MGA), a resource for investors and traders seeking the latest updates and insights on Magna International stock.
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 launched its innovative Surface Element Lighting technology, first used in the all-electric 2021 Volkswagen ID.4. This technology allows for customizable 3D vehicle lighting designs while maintaining a compact profile of just 4mm thickness. The new system offers a range of animated lighting options, enhancing vehicle exterior aesthetics and brand differentiation. John O’Hara, President of Magna Mechatronics, emphasized its affordability and ability to deliver a uniform appearance akin to OLED lighting. The system builds on Magna's existing portfolio, featured in over 140 vehicle models.
Magna International (NYSE: MGA; TSX: MG) held its 2021 annual shareholder meeting on May 6, 2021, with 80.43% of shares represented. All 12 director nominees, including CEO Seetarama S. Kotagiri, were elected with strong support, achieving over 97% approval. Deloitte was reappointed as independent auditors, and a 'Say on Pay' resolution received a 93.33% approval rate. These results reflect shareholders' confidence in the company's leadership and financial practices.
Magna International reported Q1 2021 sales of $10.2 billion, an 18% increase year-over-year, driven by an 87% surge in China. Income from operations before taxes reached $805 million, up 109%, while adjusted EBIT rose 91% to $770 million. Diluted earnings per share jumped to $2.03, a 136% increase. The company improved its full-year outlook, expecting sales between $40.2 billion and $41.8 billion with an adjusted EBIT margin of 7.2% to 7.6%.
Magna aims for carbon neutrality in European operations by 2025 and globally by 2030. This initiative aligns with the Paris Climate Accord and reflects the company's commitment to sustainability. In 2020, 12% of its global energy was sourced from renewables, and over 91% of waste was recycled. Magna also signed on as a founding sponsor of the XPrize Abundant Energy Alliance, emphasizing its role in advancing a net-zero future. CEO Swamy Kotagiri highlighted that achieving carbon neutrality is both a social responsibility and a business imperative.
Magna International Inc. (TSX: MG, NYSE: MGA) is set to host a Q1 2021 Results Conference Call on May 6, 2021, at 7:00 AM ET. Investors can dial in at 1-800-954-0686 for North America or 1-416-981-9017 internationally, with a replay available until May 13, 2021. The slide presentation will be accessible on the company’s website prior to the call. For investor relations inquiries, contact Louis Tonelli at 905-726-7035 or via email.
Magna has announced the production of its 100,000th eDrive gearbox in China, a significant milestone supporting the growing electric vehicle (EV) market. The gearboxes, produced in a joint venture with Jiangling Motors, are known for their high efficiency and power density, featuring a torque range of 200Nm to 530Nm. Magna is also winning new business with Chinese EV startups, including NIO and Xpeng. As the industry shifts towards electrification, Magna aims to enhance its competitive edge by offering both complete systems and e-components.
Magna International (NYSE: MGA) is set to hold a virtual investor event on April 13, 2021, led by CEO Swamy Kotagiri and CFO Vince Galifi. The event, scheduled from 8:30 a.m. to 10:00 a.m. ET, will focus on Magna's market position, systems capabilities, and strategies for profitable growth in a rapidly evolving automotive industry. Participants can register for the webcast and pose questions during a live Q&A session. The event will also be available for rebroadcast until April 27, 2021.
Magna has introduced a new innovative Driver Monitoring System to help combat distracted driving, a leading cause of accidents globally. This advanced technology integrates camera and interior mirror systems, monitoring the driver's head, eye, and body movements to detect distractions, drowsiness, and fatigue. The system alerts drivers through customizable notifications when distraction is detected. With the rise of distracted driving incidents, Magna’s solution promises improved road safety and compliance with global regulations.
Magna International Inc. (MGA) has released its 2020 Annual Report, which includes Management’s Discussion and Analysis, Audited Financial Statements, and other regulatory filings available on its website. The report is essential for investors as it provides a comprehensive overview of the company’s performance. Additionally, Magna has scheduled its 2021 Annual Meeting of Shareholders for May 6, 2021, as a virtual event due to COVID-19. Shareholders can request hard copies of the audited financial statements for free.
Magna's new eBeam technology marks a significant advancement in electrifying pickup trucks, offering capabilities over 220 kW. This technology enables automakers to transition to battery electric or hybrid systems without compromising utility, including towing and payload performance. For over a century, the solid beam rear axle has seen no significant redesign until now. The eBeam integrates seamlessly into existing architectures, enhancing efficiency and speeding up market readiness for electrified trucks.
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