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After years and years of cars being built and developed, Ford and Magna joint forces and developed a carbon fiber subframe that will reduce as much as 34% of a steel subframe’s weight. The developers recently unveiled a prototype of this.
What difference does it make, you ask? With a much lighter car, fuel consumption will dramatically decrease. Who doesn’t want that? Not only will it save us a few dollars, we can also save the planet by reducing our carbon footprint. In fact, the biggest car companies have been leaning towards building lighter vehicles by exploring other options such as aluminum engines, optimized chassis components, and probably the most common nowadays, carbon fiber panels for the car’s structure and exterior.
Another great thing about this development, according to sources, is that a carbon fiber subframe only uses a few parts - with two molded and four metallic components. Compare that with a standard steel equivalent which uses 45 steel part (thus the 34% weight difference). So imagine, from 45 parts down to only 6 parts.Read the entire article Ford and Magna’s carbon fiber subframe project offers amazing green potential
Barely a week after Jaguar unveiled a production preview of its all-electric performance sports utility vehicle – the new Jaguar I-Pace Concept – at the 2016 Los Angeles Auto Show, further details were revealed.
Jaguar Land Rover chief executive Ralf Speth told Automotive News Europe in an interview that contract manufacturer Magna Steyr will build the new Jaguar I-Pace electric SUV at its production facilities in Graz, Austria. It can be remembered that Jaguar Land Rover, in 2015, entered an agreement to contract Magna Steyr to build two of its future models.
At the time, the British carmaker had yet to reveal which vehicles would be built by Magna. However, it was widely expected that one of these future models would be the fifth-generation Land Rover Discovery and an electric vehicle. Speth’s words confirmed that the new Jaguar I-Pace electric SUV would be one of the two vehicles to be built by Magna, but did not confirm the identity of the second model.Read the entire article Magna Steyr to build Jaguar I-Pace all-electric SUV at its Graz facility in Austria
By the end of this year, Magna International will complete its purchase of Getrag, one of the biggest independent manufacturers of vehicle transmissions in the world. In a statement, Canada-based Magna said that the enterprise value of Germany-based Getrag is around $2.7 billion (which includes debt and pension liabilities amounting to $762 million).
Rumors had started spreading last Wednesday about this transaction between the two companies. In this statement, Magna CEO Don Walker said that the company considers the expansion of its powertrain segment as a “strategic priority.” He said that Getrag, which is known for building dual-clutch transmissions, is a “technology leader” in this product.
This makes it in an ideal position to gain from the trends in the auto industry that favour those with reduced emissions and improved fuel economy. Bloomberg revealed that last year, Magna's powertrain-systems unit was able to generate nearly $5 billion in sales. This is equivalent to approximately 14% of total revenue.Read the entire article Magna enters deal to buy transmissions maker Getrag for $2.7 billion
Magna International Inc.’s Magna Powertrain (MPT) operating unit has broken ground its new manufacturing facility in Ramos Arizpe, Coahuila, Mexico. It was attended by customer representatives, employees and government officials. To support increased business, the Ramos Arizpe facility will be the third building at MPT's operation in the location.
The new Ramos Arizpe facility – tasked to build all-wheel drive systems for the Audi luxury brand -- is expected to be around 16,000 square meters (172,000 square feet) and will increase its workforce by around 230 people at full capacity.
Magna has invested around $75 million to complete the new Ramos Arizpe facility, which will open in 2016. Jake Hirsch, President of Magna Powertrain, remarked that MPT Ramos has become a global ‘Center of Excellence’ for Magna Powertrain's AWD and 4WD product lines.Read the entire article Magna starts building a $75 million plant in Mexico to produce AWD systems for Audi
Magna International Inc.’s founder Frank Stronach received $52 million in consulting fees from Canadian auto supplier in 2013. Stronach received around $900 million to cede control of Magna under a contentious buyout agreement in 2010. Under the terms of the deal, Stronach received 2.25 percent of Magna's pre-tax profit in 2013 and will be paid 2 percent in 2014, the final year of compensation.
Magna is stressing that Stronach’s compensation will stop at the end of this year, saying that the arrangements will not be renewed, extended or replaced with any other form. Stronach received $47 million in 2012 and $38 million in 2011 for consulting services under the deal.
The founder stopped being an officer at Magna in 2010 and resigned as a director in 2012. Magna said that Stronach's only role in 2013 was as a consultant. Stronach quit the Austrian parliament in January 213, after founding a party that grabbed only 6 percent of the popular vote and 11 seats in September 2013 elections.Read the entire article Magna founder Frank Stronach got $52 million in consulting fees in 2013
Magna Steyr is expecting to build over 140,000 vehicles this year at its Graz production site in Austria, up from 123,602 units in 2012. The contract manufacturer currently produces the Mini Paceman and Countryman for BMW; the Mercedes-Benz G-Class and Mercedes-Benz SLS AMG body for Daimler; and the Peugeot RCZ for PSA/Peugeot-Citroen.
BMW has disclosed it may not renew Magna’s contract to build the Mini Paceman and Countryman once their lifecycles are over, as the German carmaker plans to consolidate production at its Oxford site in England and at the NedCar plant in the Netherlands, where VDL will commence Mini production in 2014. “We are currently satisfied with the utilization of plant capacity in Graz,” Guenther Apfalter, president of Magna Europe, said.
Apfalter noted that in previous years, between 120,000 and 160,000 cars were built in Graz -- a range where Magna Steyr is “comfortable.” Apfalter disclosed that Magna Steyr had made no decision on a second site, but remarked that it was ''conceivable'' that it would produce premium vehicles in Graz and add the production of high-volume mass-market models in Eastern Europe. [source: automotive news - sub. required]Read the entire article Magna Steyr sees 2013 production at Graz site to top 140,000
Magna International Inc. is targeting to generate $4 billion (CHY24.35 billion) in sales in China by 2020, according to chief executive Don Walker. The Canadian supplier is expected to post nearly $1 billion in sales this year, up from $800 million in 2012. Magna expects its sales growth in China to fast-track, boosted by new business gained from the Chinese vehicle market.
Walker remarked that Magna will post $2 billion in sales by 2015 and around $4 billion by 2020, achieved through organic growth. He remarked that if Magna makes acquisitions, its sales growth would be faster than what he expects. Magna currently has 26 manufacturing sites and eight engineering offices in China and has a workforce of around 9,200 people.
To back up its growth in the Asian country, Magna plans to invest around $1 billion to build eight plants from 2011 to 2015, Walker said, remarking that the Canadian company is expected to post $34 billion in global sales this year.Read the entire article Magna aims to record $4 billion sales in China by 2020
Magna International Inc. is eyeing to squeeze more profit from its European operations in the future. The supplier is expecting margins of between 4 percent and 5 percent in Europe in the next three to four years, from 1 percent in 2012, according to Magna Chief Financial Officer Vince Galifi. Magna is investing $100 million to shift its manufacturing operations east to cater to increasing demand for German vehicles in the United States.
Galifi remarked to Bloomberg that as they shift to eastern Europe, they are anticipating continued improvement in operating margins. Magna has been making good business through partnership with German carmakers like Mercedes-Benz, BMW, and Volkswagen.
Galifi said the supplier will open eight new manufacturing sites in several eastern European countries like Hungary, Poland, Russia, Serbia and Turkey. On the western side of the region, Magna is only adding a site and is considering trimming operations in Germany and Belgium to cut labor costs.Read the entire article Magna hopes to hike profit margin to 4-5% in next 3-5 years
Magna International Inc. will relocate around 300 employees from its current United States base in Troy, Michigan to a new and larger headquarters nearby in September 2013. According to Tracy Fuerst, director of corporate communications at Magna, they have already informed their customer companies of the decision.
In a statement, Jim Tobin, chief marketing officer for Magna, remarked that their US headquarters has been in Troy for over 15 years, adding that it is an ideal location since it centrally locates them near most of their customers. He said that it important for Magna to stay in Tory and find a suitable location that could accommodate a larger workforce. According to Fuerst, Magna had had outgrown its current headquarters, which is just off Interstate 75.
Fuerst said that they are moving some sales, marketing, engineering and other office personnel from existing operations to the new office, which is around 117,300 square feet. Fuerst noted that Magna only needed 113,000 square feet, and they were looking for a building that could provide them more space to grow if and when needed.Read the entire article Magna to relocate 300 jobs to new US base in September
Magna International Inc. posted a 382-percent increase in net profit in the third quarter of 2012 after receiving gains related to its acquisition of a minority stake in its electric car business. According to Canadian auto components supplier, the net income attributable to the company soared to $390 million, or $1.66 per share, in the third quarter of 2012, from $102 million, or 42 cents per share, in the same period in 2011.
The company also posted 6.3-percent increase in sales in the quarter in review to $7.41 billion. On average, analysts had expected Magna to post a net profit of $1.02 a share and revenues of $7.0 billion, according to Thomson Reuters. Magna also updated its sales outlook for 2012 to reflect an overall figure of between $30.3 billion to $31.2 billion, slightly higher than its previous forecast of between $29 billion and $30.5 billion.
The company, however, maintained its 2012 operating margin forecast in the "low to mid 5 percent range." Magna's shares are up 32 percent for the year-to-date.Read the entire article Magna logs 382% hike in third quarter net profit to $390 million
In a reversal of plans, Nissan Motor Co. will build a new Infiniti compact car for 2015 in-house rather than contracting the work out to Magna Steyr, a unit of Canadian supplier Magna International Inc. Since May, Infiniti has been studying if production of this model could be accommodated at Magna Steyr\'s production site in Graz, Austria.
The model is based on a Mercedes front-wheel drive chassis. Nissan said that this feasibility study has been terminated this week with the decision that the vehicle will be built in-house in a production facility in Europe as part of the overall expansion plans of the brand. Infiniti, which reported total sales of about 4,000 cars in Western Europe, estimates that volumes for the compact may be 10 times this amount.
Nissan makes this decision about four months after Nissan appointed Johan de Nysschen, who left as head of Audi of America last spring, as the senior vice president responsible for the global sales of the Infiniti brand. He will be reporting to Andy Palmer, Nissan\'s executive vice president in charge of product planning, business strategy, marketing communications and the Infiniti division.Read the entire article Nissan will build the new Infiniti compact car instead of Magna
Magna International could lose its contract with BMW to produce the next generation of Mini cars at its plant in Austria as the German carmaker focuses on the production of the brand’s vehicles in the United Kingdom and the Netherlands. BMW is planning to produce Mini cars at Mitsubishi's NedCar plant in the Netherlands as part of its effort to ease capacity limitations at the brand in Oxford plant in England.
Magna's car manufacturing unit Magna Steyr currently produces the Mini Countryman SUV. Magna Steyr is also set to commence the production of the Mini Paceman, a sportier coupe version of the sports utility vehicle. According to a BMW spokesman, the carmaker is looking to focus on Mini production in Oxford and NedCar in the mid-term.
The spokesman remarked that NedCar offers improved logistics compared to Magna Steyr's plant in Graz, Austria, as it is more proximate to Mini's supplier base that is largely located in the UK. Mini currently operates the Oxford plant, an engine plant in Hams Hall and a steel pressing facility in Swindon. BMW said it has been happy with Magna Steyr's performance and production quality.Read the entire article Magna International may lose Mini contract with BMW
Magna International Inc.’s profit increased by 24% in the second quarter, with earnings climbing to $349 million compared with $282 million in the second quarter last year. Magna, which manufactures parts for major auto manufacturers and assembles complete vehicles, revealed that it was purchasing the controlling minority stake in its electric car business. It also divulged that its revenue rose to $7.7 billion from $7.3 billion for the period that ended in June.
Magna announced that it will buy Magna E-Car Systems’ controlling 27% partnership interest for $74.67 million from a company affiliated with founder Frank Stronach.
Presently, Magna is the owner of the remaining 73% non-controlling stake. In a statement last Thursday, Magna CEO Don Walker said that the company is “pleased” to get back control of Magna E-Car's assets and business.Read the entire article Magna International posts a 24% profit increase in the second quarter
Japanese carmaker Nissan said that beginning in 2014, Austrian contract manufacturer Magna Steyr will produce a new premium compact car for its Infiniti brand. Through a statement, Infiniti chief Andy Palmer said that the car will help the brand reach new consumers and expand in key markets like western Europe. Nissan didn’t offer further information on the car or say if it will be sold in markets outside Europe like in the United States.
Last December, sources told Automotive News Europe that Nissan hopes to release the entry-level car globally to help get a 10-percent share of the global luxury market. Previously, Infiniti executives said that the entry-level model will go up against premium compact cars like the Audi A3 and Mercedes-Benz A class.
It is believed that the car will be based on Mercedes's MFA compact platform that is used for the new A- and B-class cars. In 2010, Renault-Nissan and Mercedes parent Daimler revealed a strategic cooperation between the two companies. A report from Automotive News Europe last December also said that Daimler will supply numerous preassembled "complete parts" to Infiniti. Back then, sources said that around 50,000 to 60,000 units annually of the Infiniti could be produced in Graz.Read the entire article Magna Steyr will build Infiniti’s new premium compact car
Siegfried Wolf said General Motors Co.'s cost-cutting agreement with PSA/Peugeot-Citroen reflects that the US carmaker made the wrong decision when it withdrew from a deal to sell European operations to his company Magna International Inc. Wolf, Magna’s co-chief executive who led the failed acquisition of GM’s Opel/Vauxhall division, said US automaker has failed to give the brand the liberty to innovate, which is an important element that carmaker should have if they want to be successful in costlier countries.
"I think still that it wasn't the right decision on GM's part," said Wolf, who now chairs GAZ Group, adding it would have been better for both companies if only GM had sold Opel/Vauxhall.
Wolf further said that Opel and Vauxhall would have benefitted from more autonomy and an injection of pride, noting that the division is struggling because they were not given their own identity. He remarked that Opel and Vauxhall are still too dependent on GM, adding that the units need to be given freedom to do more and show some ingenuity as they thrive in high-cost countries.Read the entire article Ex-Magna chief Siegfried Wolf calls out GM over withdrawal of Opel sale
The Mila Coupic by Magna Steyr will be introduced at the Geneva Motor Show. The new versatile concept study developed by the famous automotive supply company was made to showcase its product design and engineering capabilities. It seeks to combine three different vehicle concepts into one so it could either be a SUV coupé, pick-up or convertible.
According to Guenther Apfalter, president of Magna Steyr, suppliers like Magna are expected to offer innovative solutions so that they could meet the demands of the industry. The MILA Coupic multifunctional concept demonstrates the functionality of this vehicle through flexible seating systems, roof modules and materials.
Five persons can be fitted in the Coupic. When the vehicle is in its closed state, the vehicle gets SUV-style elements and it has a soft-top roof that provides it with a silhouette similar to a coupé. The front and rear roof sections may be opened independently of each other because of two separate electronically operated roof modules.Read the entire article 2012 Geneva Motor Show Preview: Mila Coupe Concept by Magna Steyr
Magna International Inc.’s quarterly earnings rose significantly as auto production surged in North America. In the fourth quarter, Magna’s profit increased to around $312 million, compared with earnings of around $224 million in the same quarter the previous year. For the latest quarter, the sales at North America's biggest auto parts maker increased by 13 percent to around $7.25 billion, boosting revenue for the full-year of 2011 to around $28.7 billion.
Its vehicle production climbed 15 percent in North America from the same quarter the previous year. However, it fell 4 percent in Europe. Magna said that for 2012, it remains focused on improving its European operations and the launch of its new facilities. Magna predicted that this year’s sales will reach around $28 billion to around $29.5 billion.
Its vehicle production in North America increased by around 10 percent to 13.1 million vehicles in 2011. These include a 15 percent increase in the fourth-quarter to 3.43 million units. The U.S. sales of cars and light trucks rose by 10 percent to 12.8 million last year. Furthermore, Magna was able to raise its dividend to 27.5 cents a share from 25 cents. This is its first increase since February 2011.Read the entire article Magna’s fourth quarter profit increased to $312 million
Infiniti’s entry-level model will be developed by Canadian-Austrian auto supplier Magna Steyr, company insiders say. Infiniti is Nissan’s premium brand. It’s expected that the supplier and the carmaker will finalize an assembly contract early next year for the production at Magna's factory in Graz, Austria. Automotive News Europe reported that the Infiniti model will be assembled on Mercedes's MFA architecture, which underpins the second-generation A- and B-class model lines.
Sources said that Daimler will supply many preassembled "complete parts" to Infiniti, indicating a deepening of Infiniti’s 20-month-old alliance with Renault-Nissan.
None of the automakers have confirmed this report. Internal planning indicates that the Graz plant will produce around 50,000 to 60,000 units a year of the Infiniti model. Sources say that the cars will be exported worldwide and will be built with Mercedes's four- and six-cylinder diesel and gasoline engines. The Infiniti compact will be positioned against the BMW 1 series and Audi A3. Infiniti's Etherea concept car provided a preview of the design of its future entry-level model when it was unveiled last March at the Geneva auto show. This compact is a vital aspect of Infiniti's growth strategy.Read the entire article Magna will build the entry-level Infiniti based on Mercedes-Benz A-Class
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 related to tooling bids. Canada-based Magna, one of the largest auto-parts makers in the world, has said that it is cooperating with the probe.
The department is asking Magna to provide information on a tooling program where its subsidiary under its Cosma International operating unit served as tier 1 tooling supplier.
In the past few months, anti-trust regulators in the U.S., Europe and Japan have been looking more closely into the U.S. automotive supply chain. Last September, Japanese supplier Furukawa Electric Co. said that it will pay a $200 million fine. Three executives are set to go in front of a judge in U.S. District Court in Detroit to enter a guilty plea for their role in alleged global price-fixing among automotive wire-harness suppliers on three continents.Read the entire article U.S. Department of Justice requested Magna documents related to various tooling bids
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 Quantum Auto is a 1.5 billion euro joint venture between Chery Automobile and Israel Corp. Chery Quantum will produce the three compact models that will be available in China and that will be exported to Europe.
A new factory in Changshu situated near Shanghai will produce these cars. This plant has an initial annual capacity of 150,000 units, increasing to 500,000.
The report further stated that these cars are being developed by Magna Steyr, which is a division of Canada's Magna International. It produces cars like the Mini Countryman, Mercedes G class and Peugeot RCZ in Graz, Austria.Read the entire article Magna and Chery Automobile to export cars to Europe starting next year
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