The Latest Breaking News from Magna International Inc

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Magna International Inc (NYSE:MGA) (TSX:MG) reported a first-quarter FY22 sales decline of 5.3%, to $9.64 billion, beating the consensus of $9.31 billion. Global light vehicle production growth was down 7%, primarily driven by a 16% decrease in Europe. Body Exteriors & Structures segment sales grew 1.3% Y/Y, Power & Vision fell 3.5%,…

Magna International Inc (NYSE:MGA) (TSX:MG) has opened a new plant in Kechnec, Slovakia, to expand its ADAS (Advanced Driver Assistance System) and electrification footprint. The brownfield facility will support two European automakers and a new global entrant. The facility is anticipated to begin operation in the fourth quarter of 2022 and will have an area…

LG Magna e-Powertrain, a joint venture (JV) between LG Electronics and Magna International Inc (NYSE:MGA), marked the groundbreaking of its new plant in Ramos Arizpe, Mexico. General Motors Co (NYSE:GM) is the foundational customer for the new facility.  The new facility will produce inverters, motors, and on-board chargers to support General Motors' electric vehicle (EV) production. The 260,000…

Rivian Automotive Inc (NASDAQ:RIVN) has appointed Frank Klein as Chief Operations Officer (COO), effective June 1, 2022. Klein succeeds Rod Copes, who retired from the position last year. Klein will report to CEO RJ Scaringe. Frank most recently held the position of President at Austria-based automotive contract manufacturer Magna Steyr, a subsidiary of…

BMO Capital analyst Peter Sklar downgraded Magna International Inc (NYSE:MGA) to Market Perform from Outperform with a price target of $63, down from $89, implying an 11% upside. The analyst stated that he had previously seen a possibility of a timely resolution of the Ukraine/Russia conflict, but recent developments instead point to a protracted…

Magna International Inc (NYSE:MGA) reported a fourth-quarter FY21 sales decline of 14% year-on-year, to $9.11 billion, missing the analyst consensus of $9.31 billion. Global light vehicle production declined 17%, primarily driven by the semiconductor chip shortages the industry has faced throughout 2021. Body Exteriors & Structures segment sales decreased 18% Y/Y, Power &…