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Magna Intern - MGA STOCK NEWS

Welcome to our dedicated page for Magna Intern news (Ticker: MGA), a resource for investors and traders seeking the latest updates and insights on Magna Intern 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.

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Magna International will release its Q2 2024 financial results on August 2, 2024, at 8:00 AM ET. The announcement will be made via a live audio webcast, accessible through a registration link. For those unable to attend, a rebroadcast will be available two hours post-call until August 9, 2024. Investors can access the slide presentation on Magna's official website ahead of the call. Contact information for investor and teleconference inquiries is provided.

Magna's stock symbol is MGA on the NYSE.

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Magna has secured its first contract to provide a reconfigurable seating system to a Chinese OEM, marking a significant advancement in vehicle interior design. The innovative system features fully rotating front seats on long rails, allowing for increased in-cabin space and versatility. The system integrates power swivel seats with nearly two meters of long rails shared by both front and rear rows, enabling a 270-degree rotation. Additionally, it includes an integrated seat belt and a universal magnetic interface for compatibility with external devices. The reconfigurable seating system will be manufactured in China, with mass production starting in Q4 2024.

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Serve Robotics (Nasdaq: SERV) has nominated David Goldberg to stand for election to its Board of Directors at the 2024 Annual Meeting of Stockholders. With over 20 years of experience, Goldberg has held significant roles in the finance and mobility sectors, most recently serving as CFO of REE Automotive. He has also been a strategic advisor at Magna International and a Managing Director at Greenhill & Co. Goldberg holds a Business Administration degree from the Ivey Business School at Western University. Ali Kashani, Chairman of Serve's Board, emphasized the value Goldberg's expertise will bring to the company.

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Magna International Inc. announced the results of its 2024 annual meeting, where all 12 nominees were re-elected to the Board, Deloitte was reappointed as the independent auditor, and the 'Say on Pay' resolution was approved. The Board also confirmed key positions. Magna is a global mobility technology company with a vast workforce and decades of expertise.

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Magna International Inc. (TSX: MG; NYSE: MGA) reported first quarter 2024 results with sales up 3% to $11.0 billion, diluted earnings per share at $0.03, and adjusted diluted earnings per share at $1.08. The company recorded asset impairments and restructuring costs related to Fisker, paid dividends of $134 million, and maintained its 2024 Adjusted EBIT Margin Outlook range of 5.4%-6.0%.

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Magna has won the 2024 Automotive News PACE Award and received multiple PACEpilot Innovation to Watch recognitions. The company's Integrated Driver & Occupant Monitoring System, EcoSphere 100% Melt-Recyclable Foam and Trim, and Modular & Scalable Active Grille Shutter Assembly were recognized for their innovation and sustainability. Magna was the only company to receive both a PACE Award and multiple PACEpilot Awards.

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Serve Robotics Inc. (NASDAQ: SERV) has entered into a production agreement with Magna International Inc. to scale its robot manufacturing capabilities. The agreement aims to deploy up to 2,000 robotic delivery vehicles for Uber Eats and expand geographically. Magna will manufacture Serve's robots exclusively, building on a previous licensing agreement, showcasing Serve's leadership in autonomous sidewalk delivery.
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Magna International Inc. announces the date for its Q1 2024 results call on May 3, 2024, at 8:00 AM ET. The webcast registration link is provided, along with dial-in details for participants. A slide presentation will be available on the company's website before the call. The replay will be accessible for two hours after the call until May 10, 2024. Investor and teleconference contact information is also provided.
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Magna International Inc. releases its 2023 Annual Report, highlighting financial statements, upcoming shareholders meeting, and available documents online. The company emphasizes its global presence and innovation in the mobility technology sector.
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Magna International Inc. announces an underwriting agreement for U.S.$400 million senior unsecured notes due 2029, with an annual interest rate of 5.050%. The notes are intended for general corporate purposes, including debt repayment. The offering is expected to close on March 14, 2024, with BNP Paribas, BofA Securities, and Citigroup as joint book-running managers.
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FAQ

What is the current stock price of Magna Intern (MGA)?

The current stock price of Magna Intern (MGA) is $38.08 as of February 21, 2025.

What is the market cap of Magna Intern (MGA)?

The market cap of Magna Intern (MGA) is approximately 11.0B.

What does Magna International specialize in?

Magna International specializes in exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling, engineering, and contract vehicle assembly.

Where is Magna International headquartered?

Magna International is headquartered in Aurora, Ontario, Canada.

How many employees does Magna International have?

Magna International employs over 179,000 people across 344 manufacturing operations and 104 product development, engineering, and sales centers in 29 countries.

Who are Magna International's top customers?

Magna's top customers include General Motors, Mercedes, and BMW, with GM accounting for 14% of the company's total revenue.

What recent projects has Magna International undertaken?

Recent projects include securing a contract to supply a primary rear eDrive system for a high-end vehicle platform in North America and partnering with Serve Robotics to manufacture delivery robots.

How much revenue did Magna International generate in 2023?

Magna International generated $42.8 billion in revenue in 2023.

What percentage of Magna's revenue comes from North America?

In 2023, 48% of Magna's revenue came from North America.

What is Magna International's approach to profit distribution?

Magna International prides itself on a corporate constitution that outlines the distribution of profits to various stakeholders.

What is Magna International's strategy for innovation?

Magna focuses on innovation through strategic partnerships, the development of cutting-edge technologies, and supporting the automotive industry's transition to electrification and automation.

Where can I find more information about Magna International?

More information about Magna International can be found on their website at www.magna.com.
Magna Intern

NYSE:MGA

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MGA Stock Data

10.96B
264.14M
6.28%
78.45%
2.09%
Auto Parts
Consumer Cyclical
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Canada
Aurora