03:35:23 EDT Fri 29 Mar 2024
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Magna International Inc
Symbol MG
Shares Issued 397,287,547
Close 2016-04-20 C$ 54.87
Market Cap C$ 21,799,167,704
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FP says Magna Int'l seen favoured to build Apple Car

2016-04-21 09:44 ET - In the News

The Financial Post reports in its Thursday, April 21, edition that Magna International is reportedly in advanced talks with Apple to build its long-rumoured Apple Car. The Post's Kristine Owram writes that German newspaper Handelsblatt reported Wednesday that both BMW and Daimler have ended talks with Apple about a deal to help build an electric, possibly self-driving car. According to the newspaper, Magna is now considered to be the front-runner for the contract. Magna spokesman Tracy Fuerst said the company does not comment on speculation. In Janurary, Tesla chief executive officer Elon Musk said it was an "open secret" that Apple is building a car. Mr. Musk told BBC News, "It's pretty hard to hide anything if you hire over 1,000 engineers to do it." The Post says Magna has long been rumoured to be in the running to build the car. It already assembles vehicles for Mercedes and BMW's Mini brand at its Magna-Steyr operation in Austria, but Mini will end production at the plant this year. To replace that business, Magna announced a contract in January to produce 100,000 5 Series sedans for BMW.

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