Welcome to our dedicated page for Magna Intern news (Ticker: MGA), a resource for investors and traders seeking the latest updates and insights on Magna Intern stock.
Magna International reports developments in its automotive-supply business, including financial results tied to global light vehicle production, vehicle program launches, product mix, tariffs, foreign exchange, engineering revenue and complete vehicle assembly volumes. The company supplies automakers across North America, Europe and China with manufacturing expertise and vehicle systems spanning areas such as powertrain, electronics, body and chassis, seating, closures, electric vehicle systems and contract assembly.
Recurring updates also cover electrification and hybrid-drive products such as DHD REX for range-extended electric vehicles, shareholder returns through dividends and repurchases, annual report materials, annual meeting results, board elections, auditor appointments and other governance matters.
Magna International reported Q4 and full-year results for 2021, highlighting sales of $9.1 billion for Q4, reflecting a 14% decrease year-over-year. Full-year sales increased by 11% to $36.2 billion. Despite challenges, diluted EPS rose to $5.00 from $2.52 in 2020. The company returned $378 million to shareholders via buybacks and dividends, with a 5% increase in the quarterly dividend to $0.45. The 2022 outlook anticipates total sales between $38.8 and $40.4 billion.
Magna has secured a significant contract with a German automaker to produce an innovative integrated driver and occupant monitoring system. This system, combining camera and electronics into the interior mirror, is set to begin production in 2024. Designed to improve vehicle safety by detecting distracted driving and monitoring cabin occupants, the system utilizes advanced software and a unique unobtrusive camera setup. With the rise of driver assistance technologies, this contract positions Magna favorably within the growing market for advanced driver assistance systems (ADAS).
Magna has commenced high-volume production of integrated eDrive systems for Volkswagen's MEB platform at its joint venture in China, HASCO Magna Electric Drive Systems Co., Ltd. (HME). The systems are designed for all-wheel drive models exceeding 185kW, specifically for the Volkswagen ID.4. This development highlights Magna's commitment to electrification and its role as a global supplier for these components. The eDrive system features an induction-type e-motor and a high-voltage inverter, optimizing performance with peak power of 80 kW.
Magna International (TSX: MGA, NYSE: MGA) has announced a conference call to review its Q4 and year-end results for 2021, along with the 2022 outlook. The call is scheduled for February 11, 2022, at 8:00 AM ET. Investors can participate by dialing in at 1-800-909-4145 (toll-free) or 1-416-981-9023 (international). A webcast will also be available on their website. Replay details are provided for those who cannot attend the live session.
Magna has integrated over 120 engineers from Optimus Ride into its team, significantly enhancing its expertise in advanced driver assistance systems (ADAS). This strategic move establishes a new engineering center in the Boston area, tapping into a rich talent pool and academic resources. John O'Hara, President of Magna Electronics, emphasized the importance of strengthening their capabilities in sensing technologies to meet growing market demands. This acquisition supports Magna's position as a leader in the global ADAS sector.
Magna has announced the launch of its EtelligentForce battery electric 4WD powertrain system, designed for pickup trucks and light commercial vehicles. Targeted for production in 2025, this system preserves the full capabilities of conventional trucks, offering up to 14,500 pounds towing capacity and a peak power of 430 kW. Additionally, Magna is establishing a new EV center in Michigan to prepare for the North American EV market. The introduction of EtelligentForce reflects Magna's commitment to sustainable mobility while maintaining performance.
Magna announced the debut of its all-electric connected powertrain, EtelligentReach, set to launch in a new vehicle in 2022. This innovative system includes electric motors and advanced software designed to enhance vehicle range by up to 145 km (90 miles) and improve driving dynamics. It features a modular control unit and various driving modes, maximizing efficiency and reducing CO2 emissions. Magna's leadership in powertrain technology positions it to capitalize on the growing demand for electrification in the automotive sector.
Magna has secured a Hybrid Dual-Clutch Transmission (HDT) award from Mercedes-Benz for their upcoming compact and mid-size vehicles, slated for launch in 2025. This initiative showcases Magna's commitment to the electrification of mobility as they continue to develop hybrid and fully electric powertrain solutions. Additionally, Magna is set to introduce two other HDT programs with global OEMs in the coming months, underscoring its expanding presence in powertrain electrification.
Magna is set to showcase its innovative mobility solutions at CES 2022 in Las Vegas, emphasizing its advancements in electrification, advanced driver assist systems, and connectivity. The company, recognized with the CES 2022 Best of Innovation Award for its ICON Digital Radar, highlights technologies aimed at sustainable and efficient mobility. CEO Swamy Kotagiri underscores the importance of product optimization and systems integration. Attendees can visit Magna's booth #5528 in the West Hall to experience these innovations firsthand.
Magna International Inc. (TSX: MG, NYSE: MGA) has received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid, allowing it to repurchase up to 29,948,000 Common Shares, approximately 10% of its public float. This buyback program aims to cancel shares, support stock-based compensation, and fulfill profit-sharing obligations. The bid starts on November 15, 2021, and ends by November 14, 2022. As of November 1, 2021, Magna had 300,752,976 outstanding shares and previously repurchased 2,903,523 shares at an average price of US$91.52.