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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 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.
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%.
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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