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 Inc. (MGA) is one of the world’s largest automotive suppliers and a mobility technology company with operations across North America, Europe, and China. The Magna news feed on Stock Titan aggregates company announcements, financial updates, technology milestones, and program awards that illustrate how Magna participates in the global automotive and mobility landscape.
Investors and industry followers can use this page to review Magna’s press releases on topics such as quarterly financial results, capital allocation decisions, and normal course issuer bids. For example, Magna reports its sales, segment performance, and outlook through detailed quarterly results releases, and it discloses share repurchase authorizations and related automatic share purchase plans through dedicated announcements.
The news stream also highlights Magna’s technology and program developments. Recent items include collaborations on NVIDIA DRIVE Hyperion-compatible ECUs and integration services for assisted and automated driving systems, expansion of electric drive system production in China, and scaled deployment of mirror-integrated Driver Monitoring System technology with a Germany-based OEM. Additional coverage features vehicle assembly programs with automakers such as XPENG and GAC, reflecting Magna’s role in complete vehicle engineering and localized EV production in Europe.
Visitors can expect news about Magna’s participation in major industry events, such as exhibitions showcasing sustainable materials, drivetrain and energy storage systems, and advanced driver assistance and interior sensing technologies. By following this page, readers gain a consolidated view of Magna’s reported financial performance, strategic collaborations, electrification projects, safety and sensing solutions, and complete vehicle programs as disclosed in its official communications.
Magna International Inc. has announced its Q4 and year-end 2022 results and will hold a conference call on February 10, 2023, at 8:00 AM ET. Investors can participate via toll-free or international numbers provided, or through a webcast on the company’s website. A slide presentation will be available before the call, and a replay will be accessible for two hours after the event until February 17, 2023. For more information, contact investor relations.
Magna has unveiled its new Morphing Surfaces technology, a significant innovation in automotive design that enhances efficiency and aerodynamics. This next-generation vehicle exterior solution allows for shape-changing components, potentially achieving a 10% drag reduction and up to 5% range extension for electric vehicles. Morphing Surfaces not only improves aerodynamic performance but also integrates seamlessly with vehicle aesthetics. The technology will debut at the Consumer Electronics Show in January 2023.
Magna International has agreed to acquire Veoneer's Active Safety business from SSW Partners for $1.525 billion in cash, enhancing its Advanced Driver Assistance Systems (ADAS) capabilities. The combined pro forma ADAS sales are projected to reach $3 billion by 2024. This acquisition strengthens Magna’s position as a leading full-service ADAS provider, adding 2,200 engineers and diversifying its customer base and geographic presence. The transaction, expected to close mid-year 2023, will not significantly alter Magna’s leverage profile, ensuring continued financial flexibility.
Greentown Labs, BASF, and Magna announced the Go Move 2022 program, focusing on automotive decarbonization. Five startups were selected to innovate in emissions-reducing technologies, including Carbonova, Endeavor Composites, FibreCoat, Heartland Industries, and MITO Materials Solutions. They will collaborate with BASF and Magna over six months, benefiting from mentorship, funding of $25,000, and access to resources aimed at advancing their technologies. This initiative aligns with the goal of reducing the transportation sector's 16% share of global greenhouse gas emissions.
Magna will showcase its innovative mobility solutions at CES 2023 in Las Vegas, emphasizing its leadership in creating eco-friendly and advanced vehicle technologies. Located in booth #4425, the exhibit will feature the first public display of its morphing surfaces and SmartAccess™ solution for improved vehicle accessibility. Magna's presence at the event will reinforce its commitment to redefining mobility through its holistic vehicle and systems expertise, highlighting advancements such as ICON™ Digital Radar and various electrification technologies.
Magna International (TSX: MG, NYSE: MGA) announced that the Toronto Stock Exchange accepted its Notice of Intention to initiate a Normal Course Issuer Bid, allowing it to repurchase up to 28,445,000 common shares, representing approximately 10% of its public float. The buyback aims to cancel shares and fund stock-based compensation programs. The program will run from November 15, 2022, to November 14, 2023, with purchase limits based on trading volume. Previously, Magna bought 15,228,679 shares at an average price of US$65.37 under an earlier bid expiring on November 14, 2022.
Magna International reported a 17% increase in sales to $9.3 billion in Q3 2022, despite a 24% rise in global vehicle production. Adjusted EBIT rose to $441 million from $229 million in 2021. Diluted earnings per share surged to $1.00, compared to $0.04 last year. However, the company reduced its outlook for the year, anticipating lower production in North America and Europe, and noted higher operating inefficiencies. Shareholders received $305 million through buybacks and dividends, while total sales for nine months reached $28.3 billion.
Magna has launched its new 48-Volt hybrid dual-clutch transmission, debuting on models including the Jeep Renegade and Fiat 500X. Produced in Slovakia, this transmission enhances driving dynamics and meets strict CO2 emissions targets. The system boasts a maximum torque of 320 Nm and supports better performance through electric torque vectoring. Magna has secured a multi-program agreement with Stellantis to provide additional hybrid models in Europe, signaling a strategic move towards vehicle electrification and regulatory compliance.
Magna International Inc. (NYSE: MGA) will host its Q3 2022 Results Conference Call on November 4, 2022, at 8:00 AM ET. Investors are invited to join via teleconference or webcast, with replay available until November 11, 2022. The call will provide detailed insights into the company's performance and outlook. Dial-in details include 1-800-926-5068 for North America and 1-416-620-9188 for international callers. An accompanying slide presentation will be accessible on the company's website prior to the call.
Magna is participating in the 2022 Rebelle Rally, an all-women rally covering over 1,550 miles across Nevada and California from October 6-15. The company is fielding a two-woman team, featuring engineers Michelle Figueroa and Sree Anandavally, who have been training in off-road driving. They will drive a Jeep Gladiator Rubicon equipped with Magna’s Ultimax transfer case, designed for optimal off-road performance. This initiative highlights Magna's commitment to employee empowerment and innovation in automotive technology.