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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.
Aurora, Ontario-based Magna International has scheduled its Q1 2023 results conference call for May 5, 2023, at 8:00 AM ET. The call can be accessed via toll-free numbers and international dialing options. A webcast link will also be made available on the company's official website. A slide presentation related to the results will be accessible prior to the call. The conference call will be rebroadcasted for those unable to attend live, available for playback until May 12, 2023. Investor relations contact details have been provided for further inquiries.
Magna has secured a new contract to produce the INEOS Automotive electric off-road vehicle, slated to begin manufacturing in Graz, Austria, in 2026. This partnership builds on an existing relationship, showcasing Magna's capabilities as a leading multi-OEM vehicle manufacturer. The contract emphasizes Magna's role not only in manufacturing but also in engineering the complete vehicle. This new addition to Magna's offerings illustrates their flexibility in handling both internal combustion engine and electric vehicles.
With over four million vehicles produced across its global operations, Magna aims to support INEOS Automotive in advancing its automotive vision. The collaboration reflects a strategic move in the evolving automotive landscape, particularly towards sustainable electric mobility.
Magna International Inc. (MGA) has released its 2022 Annual Report, which includes Management’s Discussion and Analysis, Audited Consolidated Financial Statements, Annual Information Form, and Form 40-F. These documents are available on Magna's website as well as through the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. Additionally, Magna has scheduled its 2023 Annual Meeting of Shareholders for May 11, 2023, at 10:00 a.m. EDT. The meeting will be a virtual-only event. Shareholders can request hard copies of the audited financial statements via the company's website or by mail.
Magna International has announced plans for a concurrent offering of U.S. dollar and Euro senior notes, totaling up to $800 million and €550 million, respectively. The U.S. dollar offers include two series, with maturities on March 21, 2026, and March 21, 2033, bearing interest rates of 5.980% and 5.500%. The net proceeds will partially fund the proposed acquisition of Veoneer’s Active Safety business and may also address existing debt. If the acquisition does not close by December 19, 2023, Magna will redeem the notes at a premium. The offerings are set to close on specified dates, subject to usual conditions.
Magna has unveiled its innovative SmartAccessTM power door system, set to debut on the Ferrari Purosangue. This system includes the first-to-market HaptronikTM motion control software, which enhances user experience by allowing smooth door operation in various conditions. Features include customizable door feel, gesture control, non-contact obstacle detection, and seamless keyless entry. The system is anticipated to launch with various Asian and North American automakers in 2023, marking a new era in vehicle access technology.
Magna International (TSX: MG; NYSE: MGA) has filed a short form base shelf prospectus with the Ontario Securities Commission (OSC) and a corresponding registration statement with the U.S. Securities and Exchange Commission (SEC). This filing, which replaces the expired prospectus from June 2022, will allow for the issuance of senior debt securities over a 25-month period, subject to regulatory requirements. Both filings are pending approval; no securities can be sold until the registration statement is effective and the OSC receipt is issued. This announcement does not constitute an offer to sell or a solicitation to buy securities.
On February 15, 2023, Magna announced a $470 million investment to expand operations across Ontario, including a new battery enclosures facility in Brampton. This facility is set to manufacture components for electric vehicles, specifically the Ford F-150 Lightning. The expansion will create over 1,000 new jobs across six locations: Brampton, Guelph, Belleville, Newmarket, Windsor, and Penetanguishene. The Ontario government is supporting this initiative with $23.6 million in grants, further enhancing the region's automotive industry and promoting electric vehicle supply chains.
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