Magna Awarded Reconfigurable Seating Business With Chinese OEM

Rhea-AI Summary

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.

Positive

• Magna awarded its first contract for a reconfigurable seating system.
• Innovative seating system enhances in-cabin space and versatility.
• System includes rotating front seats and long rails for flexibility.
• Integration of power swivel seats with nearly two meters of long rails.
• 270-degree seat rotation for both driver and front passenger.
• System includes integrated seat belts and a universal magnetic interface.
• Engineering team in China contributed to localized application updates.
• Strong R&D and innovation capabilities noted in China and globally.
• Mass production scheduled to start in Q4 2024.
• Production will take place at a Magna facility in China.

Negative

• No specific financial data or projections mentioned in the press release.
• Potential risks associated with the new technology not addressed.
• No information on the financial impact or cost of implementing the new system.
• Details on how the innovation might affect existing products or market were not provided.

• Innovative system offers two rows of seats on long rails with a fully rotating front row
• Flexible layout for more in-cabin space
• Award showcases local R&D, complete technology development, and production readiness

AURORA, Ontario, June 18, 2024 (GLOBE NEWSWIRE) -- For more than 65 years, Magna has helped redefine the very concept of consumer experience and design in the vehicle. Today, the company has further advanced traditional in-cabin vehicle design with its first awarded contract to deliver a reconfigurable seating system to a Chinese OEM. This innovative technology offers fully rotating front seats paired with long rails, enabling a flexible layout for more in-cabin space.

Magna’s reconfigurable seating system allows the vehicle to adapt to the consumer, instead of forcing the consumer to adapt to the vehicle. The integration of power swivel seats with nearly two meters of power long rails, shared by front and rear rows and the center console, creates a 270-degree rotation of both the driver and front passenger seats. This configuration also increases the seat track articulation distance of both front and rear seats, resulting in a more versatile and adaptable seating arrangement to offer a tailored in-cabin experience.

Magna’s reconfigurable seating system offers flexibility for more in-cabin space

The seats are equipped with an integrated seat belt designed to better cope with the strength and adjustment requirements in complex scenarios. A universal magnetic interface on the back of the seat can be connected to different external devices, which not only expands the functionality of the seat, but also provides a basis for entertainment experience.

Magna’s engineering team in China worked closely with the customer to explore future mobility ecology to better adapt to the local automotive market. By applying innovative technology based on customer-defined scenarios, the company was able to localize application updates for the reconfigurable seating system, such as parenting, long-distance travel, camping, and storage, to unlock more possibilities of the in-cabin space.

“The global mobility landscape is continuing to evolve, with vehicles increasingly becoming a flexible mobile living space for today’s road users,” said John Wyskiel, President Magna Seating. “With our strong R&D and innovation capabilities in China and around the world, we can respond quickly to the needs of our customers and create more localized innovative solutions to meet their expectations. The reconfigurable seating solution, which will be first applied in China, illustrates Magna's commitment to delivering cutting-edge technology and addressing the evolving demands of the industry.”

The reconfigurable seating system will be manufactured at a Magna facility in China, with mass production for the Chinese market scheduled to start in Q4 2024.

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905-726-7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248-761-7004

ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 179,000 employees across 343 manufacturing operations and 105 product development, engineering and sales centers spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.   

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ecdbb548-b641-4a04-94cb-ba0a8800e4f0

FAQ

What new contract has Magna secured in 2024?

Magna has secured a contract to provide a reconfigurable seating system to a Chinese OEM.

What features does Magna's reconfigurable seating system offer?

The system includes fully rotating front seats on long rails, a 270-degree rotation, integrated seat belts, and a universal magnetic interface for external devices.

When is the mass production of Magna's reconfigurable seating system scheduled?

Mass production is scheduled to start in Q4 2024.

Where will Magna manufacture the reconfigurable seating system?

The reconfigurable seating system will be manufactured at a Magna facility in China.

How does Magna's reconfigurable seating system enhance in-cabin space?

The system allows for increased in-cabin space by enabling flexible seating arrangements, including fully rotating front seats and long rails shared by both front and rear rows.