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 (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.
Magna has announced its role in supplying battery enclosures for the all-electric Ford F-150 Lightning, set to debut in spring 2022. These enclosures house high-voltage batteries and critical components, enhancing vehicle safety and structural integrity. Made from lightweight aluminum, the enclosures minimize added weight. This partnership marks Magna's first supply of such enclosures to Ford in North America, showcasing Magna's engineering expertise in electrification technologies. The company aims to leverage its capabilities to address the growing demand for electric vehicles.
Magna International reported a 13% decrease in sales to $7.9 billion for Q3 2021, driven by global light vehicle production declines of 12%. This included significant drops of 20% in Europe and 19% in North America. Diluted earnings per share fell to $0.04 from $1.35 a year prior, largely due to semiconductor chip shortages and increased production costs. For the first nine months of 2021, sales rose 23% to $27.1 billion, with adjusted diluted earnings per share at $3.83. The company also declared a dividend of $0.43 per share.
Magna's new FreeForm™ seating technology, set to launch on four vehicles, offers innovative design and comfort advantages in the automotive market. This technology enhances styling flexibility, enabling design details as sharp as 1mm. It provides improved back comfort and incorporates sustainable materials, including up to 50% recycled content. With features like easier cleaning and additional cabin space, FreeForm™ aims to meet the growing demand for superior vehicle interiors. The launch involves a large SUV, a midsize crossover, a sedan, and an all-electric SUV, expected in dealership by 2022.