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 has partnered with Fisker to develop an Advanced Driver Assistance System (ADAS) for the Fisker Ocean SUV, set to launch in late 2022. This collaboration enhances Magna's EV platform sharing and vehicle manufacturing capabilities. The ADAS will feature first-to-market digital imaging radar technology co-developed with Uhnder, optimizing vehicle safety and efficiency. The companies recently completed key manufacturing agreements, allowing Magna to exclusively produce the Fisker Ocean in Europe. This partnership exemplifies Magna's strategy to leverage its strengths in the rapidly evolving mobility market.
Swamy Kotagiri, a 21-year veteran of Magna, officially took over as Chief Executive Officer on January 1, 2021. His extensive experience in engineering, operations, and R&D has positioned him to guide the company through its ongoing evolution in the high-tech mobility sector. Kotagiri aims to enhance the future of mobility by leveraging Magna's strong team and entrepreneurial culture. He was recently recognized in Business Insider’s list of influential business figures.
LG Electronics and Magna International announced a joint venture to manufacture e-motors, inverters, and related e-drive systems, aiming to tap into the growing market for vehicle electrification. The venture, called LG Magna e-Powertrain, combines Magna's automotive manufacturing strength with LG's component development expertise. Over 1,000 employees from multiple locations will be involved. The joint venture is set to close by July 2021, contingent upon shareholder and regulatory approvals, positioning both companies to accelerate their growth in the electric powertrain market.
Magna has unveiled its new Gen5 camera-based driver assistance system, built on Mobileye's EyeQ5 technology, aimed at enhancing safety features in vehicles. This innovative 'one-box' solution simplifies installation and reduces costs, making advanced safety features like adaptive cruise control and automatic emergency braking accessible to a broader range of vehicles. Magna's ADAS systems are present in over 250 vehicle models globally, showcasing a strong collaboration with Mobileye and a commitment to improving automotive safety.
Magna International Inc. (NYSE: MGA) announced the Toronto Stock Exchange's acceptance of its Notice of Intention to Make a Normal Course Issuer Bid, allowing the company to repurchase up to 29,623,300 common shares, approximately 10% of its public float. This bid, starting November 15, 2020, and ending November 14, 2021, aims to purchase shares for cancellation and fulfill stock-based compensation. As of November 2, 2020, Magna had over 299 million common shares outstanding and previously repurchased 7.44 million shares at an average price of $44.74.
Magna International reported third-quarter sales of $9.1 billion, down 2% year-over-year, against a 4% decline in global light vehicle production. The company recorded a net income of $405 million, a turnaround from a loss of $233 million in Q3 2019. Diluted earnings per share improved to $1.35, with adjusted diluted earnings per share rising 38% to $1.95. Cash from operating activities reached $1.6 billion. For 2020, Magna raised its outlook, expecting total sales between $31.5 billion and $32.5 billion, driven by better vehicle production and cost efficiencies.
Magna's new CLEARVIEW™ technology will launch in 2022, enhancing driver safety through advanced camera and mirror systems. This innovative solution combines extensive expertise in mirrors, cameras, and electronics, offering customizable field views and improved visibility. The CLEARVIEW interior mirror features a unique frameless design that can switch between traditional and video displays, accommodating various viewing needs. Additionally, the exterior mirror includes safety features like surround-view cameras, further promoting safe driving. This new business win highlights Magna's commitment to leading in the new mobility landscape.
On October 20, 2020, Magna announced the appointment of Seetarama (Swamy) Kotagiri as CEO, effective January 1, 2021. He succeeds Don Walker, who will retire after serving 15 years as CEO and 33 years in total at the company. Kotagiri, a 21-year veteran of Magna, previously held roles such as Chief Technology Officer. His leadership is seen as pivotal in aligning the company with new mobility trends. Magna’s strong leadership development and succession planning are highlighted, ensuring smooth transitions within the organization.
Magna has entered into agreements with Fisker to manufacture the Fisker Ocean SUV in Europe, leveraging Magna's electric vehicle (EV) architecture. The production is slated to begin in Q4 2022, enhancing Magna's strategy to support both traditional and new automakers. Fisker will utilize Magna's engineering capabilities and innovative solutions, with Magna also receiving warrants to purchase approximately 6% of Fisker's equity. This collaboration positions Magna favorably in the growing e-mobility market.
Magna International Inc. (TSX: MGA; NYSE: MGA) has announced its upcoming Third Quarter 2020 Results Conference Call scheduled for November 6, 2020 at 8:00 AM ET. Interested parties can join via a toll-free number for North America at 1-800-908-8370 or the international line at 1-416-981-9035. A webcast will also be available on their website. The conference will be rebroadcasted for a limited time until November 13, 2020.