15:59:33 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 380,265,511
Close 2017-05-11 C$ 61.17
Market Cap C$ 23,260,841,308
Recent Sedar Documents

Globe says Magna has its eyes on the car of the future

2017-05-12 07:37 ET - In the News

The Globe and Mail reports in its Friday edition that two key trends that are transforming the auto industry -- electrification and full, self-driving technology -- will not be evident in a most vehicles until well after 2025, but Magna International is positioning itself to be a crucial supplier of parts for what it calls the vehicle of the future. The Globe's Greg Keenan writes that executives said Thursday at the annual meeting that Magna has developed several technologies that can be used in electric and autonomous vehicles, and whose value could exceed the value of parts it has on many vehicles now on the road. To be successful as the car of the future turns into the car of the present, Magna needs to continue what it is already doing, said chief executive officer Don Walker. He said, "We're spending a lot of time developing products, bringing them to market, and as the market grows, hopefully we'll be one of the successful ones." Magna is forecasting that fully autonomous vehicles will represent less than 1 per cent of the market by 2025. Electric cars are expected to grab between 3 per cent and 6 per cent of a global market that will be about 107 million vehicles annually.

© 2024 Canjex Publishing Ltd. All rights reserved.