20:13:31 EDT Wed 17 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 410,624,820
Close 2015-05-07 C$ 66.78
Market Cap C$ 27,421,525,480
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Globe says Magna would partner well with Apple, others

2015-05-08 06:33 ET - In the News

The Globe and Mail reports in its Friday edition that chief executive officer Don Walker says Magna International would be an awesome partner to manufacture vehicles for Apple, Google or other new entrants that might decide to jump into the automotive business. The Globe's Greg Keenan writes that Mr. Walker says, "[With] our ability to do small-volume niche vehicle production and help with the engineering and the launch and the procurement we'd be a logical person for anybody if they have small volume or [are] a new entrant coming out." Google already has self-driving vehicles on the road and Apple is widely believed to be developing a vehicle that would hit the streets by the end of the decade. The entrance of such companies with huge cash piles and strong brands has the potential to reshape the auto industry, says Mr. Keenan. Among the reports about Apple developing a car were rumours that it has visited Magna operations in Austria that assemble vehicles on contract for several automakers. Mr. Walker has refused to comment on whether there are discussions with Apple or other potential new customers. Mr. Walker says entering the auto industry would be a huge task for a new player.

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