Welcome to our dedicated page for Magna International news (Ticker: MGA), a resource for investors and traders seeking the latest updates and insights on Magna International 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.
The Greentown Go Move 2022 accelerator, launched by BASF, Magna, and Greentown Labs, is accepting applications from startups focused on decarbonizing the automotive industry. This initiative aims to address the transportation sector's 16% contribution to global greenhouse gas emissions through innovations in materials and recycling. The six-month program offers mentorship, networking, and $25,000 in non-dilutive grant funding, with applications closing on Sept. 30, 2022. This collaboration highlights the commitment of BASF and Magna to advance carbon neutrality in mobility.
Magna International Inc. (NYSE: MGA) has announced a conference call on July 29, 2022, to discuss its Q2-2022 results. This event will take place at 8:00 AM ET. Investors can dial in using North America and international numbers or join via webcast. A slide presentation will be available on Magna's website prior to the call. A replay will be accessible from two hours post-call until August 5, 2022. Investor relations are managed by Louis Tonelli, with contact details provided for further inquiries.
Magna introduces its Breakthrough Lighting technology with the launch of the Litgate, a thermoplastic liftgate featuring integrated lighting that enhances vehicle aesthetics and safety. This first-to-market design will be ready for production in mobility applications by 2023. The lighting solution allows for personalization, with options for decorative and functional lighting effects, extensive color palettes, and programmable features. Magna emphasizes its full-systems approach, which combines design and engineering for holistic product development.
On May 18, 2022, BlackBerry and Magna International announced a multi-year partnership to develop integrated Advanced Driver Assistance Systems (ADAS) solutions. BlackBerry will supply its QNX software, including the QNX OS for Safety and the QNX Platform for ADAS, along with engineering services for integration and validation. This collaboration aims to leverage both companies' strengths to enhance vehicle safety and functionality amid a growing global ADAS market. The partnership highlights BlackBerry's role in securing over 500M endpoints, including 195M vehicles, and aims to speed the delivery of advanced automotive technologies.
Magna has launched its next-generation advanced driver assist systems (ADAS) featuring 3D and 360-degree surround view technologies on the 2022 Toyota Tundra, enhancing driver awareness and safety. This system includes five cameras and an electronic control unit for high-resolution images and features like trailer guidance, multi-terrain view, and see-through hood. The innovations are now available in the North American market, marking a significant addition to Magna's suite of ADAS solutions aimed at improving comfort and safety for truck and trailer consumers.
On May 3, 2022, Magna International Inc. (NYSE: MGA) held its annual and special meeting of shareholders, with 78.92% of its Common Shares represented. All proposed items were approved, including the election of 11 directors, with votes for ranging from 97.74% to 99.77%. Deloitte was reappointed as independent auditors, with 99.69% support. Additionally, the 2022 Treasury PSU Plan and the advisory resolution on executive compensation received substantial majorities of 98.77% and 93.16%, respectively. Detailed results are available in Appendix 'A' of the press release.
Magna has secured its position as the exclusive supplier of mild hybrid transmissions for BMW Group's front-transverse applications, starting with the new BMW 2 Active Tourer. This contract encompasses multiple models and highlights Magna's commitment to reducing CO2 emissions through its 7-speed mild hybrid dual-clutch transmission. The innovative technology boosts fuel efficiency and integrates seamlessly with BMW's powertrain. Production will take place at Magna's Neuenstein and Kechnec facilities, reinforcing its role in advancing electric mobility.
Magna International reported a 5% decline in Q1 sales, totaling $9.6 billion, mainly due to a 7% decrease in global light vehicle production and currency fluctuations. Diluted earnings per share fell 40% to $1.22, with adjusted diluted earnings per share down 31% to $1.28. The company revised its 2022 outlook, expecting lower production and increasing input costs. Adjusted EBIT decreased 34% year-over-year to $507 million, reflecting reduced profit margins.
Magna has announced the opening of a new plant in Kechnec, Slovakia, aimed at boosting its ADAS and electrification capabilities. This brownfield facility will span approximately 22,000 square meters and is set to begin production in Q4 2022. Initially, 100 employees will be hired, with plans to increase employment to 600 by 2027 as production ramps up. The plant will focus on advanced camera modules and electronic control units for inverters, supporting key European automakers and enhancing Magna's footprint in the growing electric vehicle market.
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