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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 reported a 17% increase in sales to $9.3 billion in Q3 2022, despite a 24% rise in global vehicle production. Adjusted EBIT rose to $441 million from $229 million in 2021. Diluted earnings per share surged to $1.00, compared to $0.04 last year. However, the company reduced its outlook for the year, anticipating lower production in North America and Europe, and noted higher operating inefficiencies. Shareholders received $305 million through buybacks and dividends, while total sales for nine months reached $28.3 billion.
Magna has launched its new 48-Volt hybrid dual-clutch transmission, debuting on models including the Jeep Renegade and Fiat 500X. Produced in Slovakia, this transmission enhances driving dynamics and meets strict CO2 emissions targets. The system boasts a maximum torque of 320 Nm and supports better performance through electric torque vectoring. Magna has secured a multi-program agreement with Stellantis to provide additional hybrid models in Europe, signaling a strategic move towards vehicle electrification and regulatory compliance.
Magna International Inc. (NYSE: MGA) will host its Q3 2022 Results Conference Call on November 4, 2022, at 8:00 AM ET. Investors are invited to join via teleconference or webcast, with replay available until November 11, 2022. The call will provide detailed insights into the company's performance and outlook. Dial-in details include 1-800-926-5068 for North America and 1-416-620-9188 for international callers. An accompanying slide presentation will be accessible on the company's website prior to the call.
Magna is participating in the 2022 Rebelle Rally, an all-women rally covering over 1,550 miles across Nevada and California from October 6-15. The company is fielding a two-woman team, featuring engineers Michelle Figueroa and Sree Anandavally, who have been training in off-road driving. They will drive a Jeep Gladiator Rubicon equipped with Magna’s Ultimax transfer case, designed for optimal off-road performance. This initiative highlights Magna's commitment to employee empowerment and innovation in automotive technology.
Magna has launched a pioneering rear thermoplastic swing door technology on the Volkswagen ID. Buzz, marking a significant advancement in vehicle accessibility and design. These doors are 20 to 30 percent lighter than traditional steel options, enhancing vehicle range and user convenience. Utilizing recycled materials, the innovative design allows for improved styling, cost reduction, and better aerodynamics. With increasing demand for lightweight solutions amid the shift towards electric vehicles, analysts project a 15% growth for the thermoplastic liftgate market by 2028, positioning Magna well in this evolving sector.
On September 14, 2022, Magna unveiled its new 'last mile' delivery solution at the North American International Auto Show. This innovative service aims to cut delivery costs and carbon emissions in urban settings. The system features a lightweight electric robot, an autonomous driving system, and delivery software, allowing for diverse business models. The pilot program launched with a Detroit pizza restaurant has successfully delivered hundreds of pizzas. Additionally, Magna plans to expand into micromobility and collaborate with Cartken for a robot-as-a-service model.
Magna is making a strategic move into the micromobility market by investing $77 million in Yulu, India's top electrified shared mobility provider. This investment is expected to enhance sustainable urban mobility in India through a new battery-swapping service company, Yulu Energy. Magna will gain a stake in Yulu and a board seat. The partnership aims to capitalize on the growing demand for electric two-wheelers, with Yulu planning to expand operations to 15 additional cities within 18 months, further advancing Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS).
Magna and Cartken have announced a partnership to manufacture autonomous delivery robots, starting with production at a Magna facility in Michigan. The initial focus is on the Model C, with plans for additional models and applications in the future. Production capacity will increase in the coming months, with thousands of robots expected to be built. This collaboration aligns with Magna's strategy to explore new mobility opportunities, offering sustainable and cost-effective delivery solutions.
Magna is set to showcase its innovative capabilities at the 2022 North American International Auto Show (NAIAS), running from September 14-25, 2022, in Detroit. The company will highlight its electrification and Advanced Driver Assistance Systems (ADAS) expertise, featuring the first public display of its EtelligentForce technology, designed for electrifying pickup trucks. Other advanced technologies include eBeam™, Litgate, ClearView™, and FreeForm™. Magna's participation underscores its role as a leader in mobility technology.
Magna International (MGA) reported Q2 2022 sales of $9.4 billion, a 4% increase compared to Q2 2021, while global light vehicle production rose by 2%. However, diluted loss per share was $0.54, including $1.24 in non-cash impairment charges. Adjusted EBIT fell 36% to $358 million, primarily due to higher input costs and operational inefficiencies. Net income declined to $(156) million from $424 million YoY. The company forecasts total sales for 2022 between $37.6 and $39.2 billion, maintaining an Adjusted EBIT margin of 5.0% to 5.4%.
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