U.S. Department of Justice requested Magna documents related to various tooling bids

The U.S. Department of Justice has expanded its investigation on the automobile tooling industry over anti-trust allegations. It has asked Magna International Inc. to provide documents... Read more

Magna and Chery Automobile to export cars to Europe starting next year

Beginning in 2012, Chery Quantum Auto will export cars to Europe with the assistance of Magna Steyr, according to a report from German newspaper, Financial Times Deutschland. Chery... Read more

Magna, Lear seek suppliers with the scale to handle global projects

It’s likely that those who would make acquisitions this year are the manufacturers of car seats and dashboards, such as Magna International Inc. and Lear Corp. This is because automakers... Read more

Magna reported a better-than-expected 44 percent jump in Q1 profit

Magna International Inc. posted a better-than-expected 44% increase in profit in the first quarter of 2011. The Canadian supplier, which is the No. 3 auto parts maker in the world,... Read more

2011 Geneva Motor Show: Magna unveils MILA Aerolight Concept

What Magna Steyr brought to the Geneva Auto Show is a lightweight and efficient model called MILA Aerolight (Magna Innovative Lightweight Vehicle). Magna Steyr expects that with this... Read more

Magna will become a stronger competitor for development and design if it buys Pininfarina

Executives say that Magna International Inc. would become a stronger competitor for development and design jobs if it buys Pininfarina S.p.A., a car engineering and styling firm that has... Read more

Magna signs new contract agreement at Ontario seating plant

A workers’ strike was prevented as workers at a Magna International Inc. plant in Ontario chose to have a new contract agreement with the auto parts maker. The strike could have halted... Read more

Magna International posts a third-quarter profit on the strength of its sales

Because of rising global auto production, Magna International was able to post a third-quarter profit on the strength of its sales. Its earnings totaled $241 million in the third quarter,... Read more

Magna shareholders lost a court appeal of Stronach’s buyout plan

Last Monday, the Ontario Superior Court of Justice denied an appeal from Magna International Inc. shareholders who opposed ending the dual-class share structure of the company. The... Read more

Magna not interested to buy Volvo

Instead of looking to acquire other car manufacturers such as Volvo, Magna International said that it's more likely it would be looking to take over other auto parts businesses. Magna's... Read more

Magna planning to expand Opel/Vauxhall into Russia and the Far East

The German government has junked reports that RHJ International is now favored to purchase Opel/Vauxhall from GM, stating that all candidates are still being considered. Jochen Homann,... Read more

Magna Steyr MILA EV hints at Bmw’s electric car program

GM will present a new viability plan for Opel in December

As General Motors Co. seeks to reduce production by 20%-25% across Europe, it will be presenting a new viability plan for Opel this December, GM Europe boss Nick Reilly announced. As part... Read more

Report: GM preparing to sign a contract on selling Opel

The contract signing between General Motors Co. and Magna International and Sberbank will take place next week, according to sources. The deal is meant for GM to sell a majority stake in... Read more

GM could cut up to 10,000 jobs as part of its European restructuring plan

As many as 10,000 jobs at General Motors Co. could be lost as part of its European restructuring plan, according to Nick Reilly, interim head of GM's European business. During a news... Read more

Report: GM still aims to receive state aid for Opel restructuring

General Motors Co. does a quick roundabout and takes back what GM's chairman, Ed Whitacre, told Germany's Muenchner Merkur newspaper about not needing state aid to help restructure GM's... Read more

Carl Forster to quit GM following the collapse of the deal to sell Opel

With the collapse of the deal to sell GM unit Opel to Magna International, GM's head of European operations Carl-Peter Forster has decided to quit. The report was broken by German... Read more

Opel deal was killed by EU concers, says GM

The catalyst General Motors' reversal of its decision to sell Opel to Magna International is the Competition Commission's expressed concern of the German government's alleged preferential... Read more

GM puts on hold the deal to sell a 55% stake in Opel

Many expected that the contract to sell a 55% stake in General Motors' Opel segment to Magna International would be signed this week; however, it was put on hold in order that GM's board... Read more

Vladimir Putin hits out at GM’s decision not to sell Opel

The consequences of General Motors' decision to keep Opel/Vauxhall continue to pile up. Russian Prime Minister Vladimir Putin has criticized General Motors' decision not to sell... Read more

Report: GM should be allowed to reconsider the sale of Opel

EU competition head Neelie Kroes is recommending that General Motors Co. reconsider its decision to sell Opel to Magna International Inc. and its Russian partner Sberbank. Kroes'... Read more

GM’s restructuring plan for Opel will be similar to Magna’s

General Motors Co.'s restructuring plan for Opel now falls into place. The plan is said to be similar to what had been proposed by Magna International Inc. for the company, according to... Read more

General Motors pays back a loan from Germany

After backtracking on plans to sell Opel to Magna International Inc., General Motors Co. was able to pay back a loan from Germany and has even decided to lower the number of job cuts... Read more

General Motors decides to keep Opel

In a surprising turn of events, the General Motors' Board of Directors has decided to retain Opel instead of selling it off to Magna International.

Fueling this decision is the... Read more

General Motors delays Opel sale

GM has delayed the decision of who will buy Opel! For those who don't know, last Friday GM's directors met in order to discuss about the sale but no decision was taken and the race... Read more

Magna agrees a deal with General Motors

The company that will be awarded the opportunity to purchase Opel/Vauxhall will be decided next week during a scheduled GM board meeting.

Magna co-CEO Siegfried Wolf said that Magna... Read more

Fiat and Magna rival bidders for Opel

Ever since GM showed interest in an external investment into Opel, there have been reports coming out from the European front that suggest two major bidders have separated themselves from... Read more

Talks between Magna, GM and Opel workers show no result

A meeting last Thursday participated by Canadian automotive group Magna International Inc., General Motors Co. and workers at German carmaker Opel adjourned with no result, says Autonews.... Read more

Premier of Opel’s home state doesn’t like GM’s restructuring plan

General Motors Co. received a warning from the premier of the German state of Hesse, stating that the carmaker's plans to cut 2,500 jobs were "completely unacceptable." Just a day ago,... Read more

Obama administration surprised too by GM’s decision to scrap Opel sale

General Motors Co.'s decision not to go through with the sale of its Opel unit took even the Obama administration by surprise. In an interview with Reuters, Ron Bloom, the head of the US... Read more