Magna Intern Stock Price, News & Analysis

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.