Canada (Common Wealth) _ Magna International of Canada said on Thursday that it expects revenues at its segment that manufactures electric powertrains and parts for electric vehicles to “roughly” treble this year as automakers scramble to bring out more affordable greener versions.
As car manufacturers attempt to produce more electrified vehicles with advanced driver aid systems such as driving monitoring systems, park assist, and adaptive cruise control, demand for parts and sensors has increased.
Magna CEO Seetarama Kotagiri stated during the company’s investors day conference, “We expect to roughly double our managed electrification sales this year, and nearly double again between 2023 and 2025.”
Magna also stated that it was stepping up its efforts to employ automation and other smart production operations to assist decrease costs caused by inflationary challenges. Earlier in the day, the Canadian auto-parts supplier upped its fiscal 2025 sales projection due to strong demand for parts, sensors, and electrified powertrain systems.
It forecasts overall sales in 2025 to range between $46.7 billion and $49.2 billion, up from a previous anticipated range of $44.7 billion to $47.2 billion. Magna, which announced a 2021 joint venture with LG Electronics (066570.KS), also stated that it expects the business to be profitable.
Magna’s US-listed shares were down around 2.5%, tracking market falls. In its most recent quarter, the company outperformed analysts’ expectations while highlighting supply-chain challenges.
Magna had stated in August that it was willing to contemplate layoffs in the short term to mitigate interruptions caused by UAW strikes at the Detroit Three. Magna International Inc. is a multinational automobile supplier headquartered in Canada. The company specializes in car engineering and contract production, as well as product capabilities such as body, chassis, exterior, seats, powertrain, and active safety. Electronics, mechatronics, mirrors, lights, and roof systems are all examples of active driver assistance. Its Veoneer Active Safety division offers a variety of customers’ sensor, software, and systems engineering solutions.
Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles are the segments of the company. Body Exteriors & Structures encompasses body structures, chassis structures, exterior, energy storage systems, and other components. Electrified powertrain technologies, powertrain subsystems, and other items are among the Power & Vision offerings. Its Complete Vehicles include both vehicle engineering and vehicle manufacture. The global network of the Company includes 341 industrial activities and 88 product research centers.
Magna International Inc. is a Canadian auto parts company. It is one of Canada’s largest corporations and has been named to the Forbes Global 2000 list for 2020. Electronics, mechatronics, mirrors, lights, and roof systems are all examples of active driver assistance. Its Veoneer Active Safety division offers a variety of customers’ sensor, software, and systems engineering solutions.
Magna International Inc. is a Canadian auto parts company. It is one of Canada’s largest corporations and has been named to the Forbes Global 2000 list for 2020.
Magna International Inc. is a Canadian auto parts company. It is one of Canada’s largest corporations and has been named to the Forbes Global 2000 list for 2020. The Company is the largest vehicle parts maker in North America based on original equipment part sales; it has been a member of the Fortune Global 500 list for 20 years in a row, beginning in 2001. It manufactures automotive systems, assemblies, modules, and components for General Motors, Ford, and Stellantis, as well as BMW, Mercedes, Volkswagen, Toyota, Tesla, and Tata Motors, among others.
Magna is headquartered in Aurora, Ontario. It employs 158,000 people across 342 manufacturing facilities and 91 product research, engineering, and sales centers in 27 countries.
