Magna International - MGA STOCK NEWS

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.

LG Electronics and Magna International announced a joint venture to manufacture e-motors, inverters, and related e-drive systems, aiming to tap into the growing market for vehicle electrification. The venture, called LG Magna e-Powertrain, combines Magna's automotive manufacturing strength with LG's component development expertise. Over 1,000 employees from multiple locations will be involved. The joint venture is set to close by July 2021, contingent upon shareholder and regulatory approvals, positioning both companies to accelerate their growth in the electric powertrain market.

Magna has unveiled its new Gen5 camera-based driver assistance system, built on Mobileye's EyeQ5 technology, aimed at enhancing safety features in vehicles. This innovative 'one-box' solution simplifies installation and reduces costs, making advanced safety features like adaptive cruise control and automatic emergency braking accessible to a broader range of vehicles. Magna's ADAS systems are present in over 250 vehicle models globally, showcasing a strong collaboration with Mobileye and a commitment to improving automotive safety.

Magna International Inc. (NYSE: MGA) announced the Toronto Stock Exchange's acceptance of its Notice of Intention to Make a Normal Course Issuer Bid, allowing the company to repurchase up to 29,623,300 common shares, approximately 10% of its public float. This bid, starting November 15, 2020, and ending November 14, 2021, aims to purchase shares for cancellation and fulfill stock-based compensation. As of November 2, 2020, Magna had over 299 million common shares outstanding and previously repurchased 7.44 million shares at an average price of $44.74.