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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 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.
Magna presents two innovative electrified propulsion systems at a winter test track in Sweden, showcasing advancements in e-mobility technology. The EtelligentEco PHEV system promises up to 38% reduction in greenhouse gas emissions and features cloud connectivity to optimize charging. Additionally, the EtelligentReach all-electric AWD solution offers a range increase of 20%, totaling over 145 km, alongside improved driving dynamics. These systems position Magna as a key partner for automakers advancing towards zero-emissions goals.
Magna has partnered with multiple global automakers to introduce 3D surround-view systems starting in 2022. This technology enables a high-resolution, 360-degree field of view around vehicles, enhancing driver safety and convenience. The system integrates with existing vehicle safety features, such as emergency braking, and improves performance under various weather conditions. With over 250 vehicle models utilizing Magna's Advanced Driver-Assistance Systems (ADAS), this innovation positions Magna as a key player in the transition towards more autonomous driving solutions.
Magna has begun construction on a new 345,000 square-foot manufacturing facility in St. Clair, Michigan, dedicated to producing battery enclosures for the GMC Hummer EV. The project, with a $70 million investment, is expected to create over 300 jobs within five years. This facility will enhance Magna's capabilities in vehicle electrification by providing advanced battery enclosures that ensure safety and innovation in electric vehicle design. Production is slated to start in early 2022, marking Magna's 25th manufacturing site in Michigan.
Magna International reported fourth-quarter 2020 sales of $10.6 billion, up 12% year-over-year, driven by higher vehicle production. Diluted earnings per share increased to $2.45 from $1.43 in Q4 2019. For the full year, sales decreased 17% to $32.6 billion due to pandemic impacts. The company generated $2.3 billion in cash from operating activities in Q4 and raised its quarterly dividend by 8% to $0.43 per share. Outlook for 2021 anticipates total sales between $40.0 billion and $41.6 billion.
On January 26, 2021, Magna International Inc. (NYSE: MGA, TSX: MG) released its Q4 and year-end results for 2020, along with an outlook for 2021. The company has scheduled a conference call for February 19, 2021, at 8:00 AM ET. Investors can participate via telephone or webcast. The slide presentation will be available on their website prior to the call. Replay options will be accessible until February 26, 2021. Key metrics and performance details from the report will be discussed during the call.
Magna has partnered with Fisker to develop an Advanced Driver Assistance System (ADAS) for the Fisker Ocean SUV, set to launch in late 2022. This collaboration enhances Magna's EV platform sharing and vehicle manufacturing capabilities. The ADAS will feature first-to-market digital imaging radar technology co-developed with Uhnder, optimizing vehicle safety and efficiency. The companies recently completed key manufacturing agreements, allowing Magna to exclusively produce the Fisker Ocean in Europe. This partnership exemplifies Magna's strategy to leverage its strengths in the rapidly evolving mobility market.
Swamy Kotagiri, a 21-year veteran of Magna, officially took over as Chief Executive Officer on January 1, 2021. His extensive experience in engineering, operations, and R&D has positioned him to guide the company through its ongoing evolution in the high-tech mobility sector. Kotagiri aims to enhance the future of mobility by leveraging Magna's strong team and entrepreneurial culture. He was recently recognized in Business Insider’s list of influential business figures.
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