Magna Intern Stock Price, News & Analysis

Magna has launched a pioneering rear thermoplastic swing door technology on the Volkswagen ID. Buzz, marking a significant advancement in vehicle accessibility and design. These doors are 20 to 30 percent lighter than traditional steel options, enhancing vehicle range and user convenience. Utilizing recycled materials, the innovative design allows for improved styling, cost reduction, and better aerodynamics. With increasing demand for lightweight solutions amid the shift towards electric vehicles, analysts project a 15% growth for the thermoplastic liftgate market by 2028, positioning Magna well in this evolving sector.

On September 14, 2022, Magna unveiled its new 'last mile' delivery solution at the North American International Auto Show. This innovative service aims to cut delivery costs and carbon emissions in urban settings. The system features a lightweight electric robot, an autonomous driving system, and delivery software, allowing for diverse business models. The pilot program launched with a Detroit pizza restaurant has successfully delivered hundreds of pizzas. Additionally, Magna plans to expand into micromobility and collaborate with Cartken for a robot-as-a-service model.

Magna is making a strategic move into the micromobility market by investing $77 million in Yulu, India's top electrified shared mobility provider. This investment is expected to enhance sustainable urban mobility in India through a new battery-swapping service company, Yulu Energy. Magna will gain a stake in Yulu and a board seat. The partnership aims to capitalize on the growing demand for electric two-wheelers, with Yulu planning to expand operations to 15 additional cities within 18 months, further advancing Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS).

Magna and Cartken have announced a partnership to manufacture autonomous delivery robots, starting with production at a Magna facility in Michigan. The initial focus is on the Model C, with plans for additional models and applications in the future. Production capacity will increase in the coming months, with thousands of robots expected to be built. This collaboration aligns with Magna's strategy to explore new mobility opportunities, offering sustainable and cost-effective delivery solutions.

Magna is set to showcase its innovative capabilities at the 2022 North American International Auto Show (NAIAS), running from September 14-25, 2022, in Detroit. The company will highlight its electrification and Advanced Driver Assistance Systems (ADAS) expertise, featuring the first public display of its EtelligentForce technology, designed for electrifying pickup trucks. Other advanced technologies include eBeam™, Litgate, ClearView™, and FreeForm™. Magna's participation underscores its role as a leader in mobility technology.

Magna International (MGA) reported Q2 2022 sales of $9.4 billion, a 4% increase compared to Q2 2021, while global light vehicle production rose by 2%. However, diluted loss per share was $0.54, including $1.24 in non-cash impairment charges. Adjusted EBIT fell 36% to $358 million, primarily due to higher input costs and operational inefficiencies. Net income declined to $(156) million from $424 million YoY. The company forecasts total sales for 2022 between $37.6 and $39.2 billion, maintaining an Adjusted EBIT margin of 5.0% to 5.4%.

The Greentown Go Move 2022 accelerator, launched by BASF, Magna, and Greentown Labs, is accepting applications from startups focused on decarbonizing the automotive industry. This initiative aims to address the transportation sector's 16% contribution to global greenhouse gas emissions through innovations in materials and recycling. The six-month program offers mentorship, networking, and $25,000 in non-dilutive grant funding, with applications closing on Sept. 30, 2022. This collaboration highlights the commitment of BASF and Magna to advance carbon neutrality in mobility.

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.