Tuesday Ticker: November 23, 2021
Toronto, Ontario — This week, Ford and Rivian officially scrap plans to work together; news of potential release dates flurry around Apple’s rumoured EV project and AutoCanada grabs the eyes of market analysts with its latest acquisition. Ford and Rivian announce breakup In 2019, Ford invested a hefty sum of US$500 million in Rivian, later […]
Tuesday Ticker: November 9, 2021
Toronto, Ontario — In this weekly Tuesday Ticker, Magna reports its Q3 results—and says it’s still tracking ADAS opportunities, despite the lost deal with tech firm Veoneer; Tesla marks another accolade and Rivian prepares to launch its US$60+ billion IPO. Looking meek at Magna Magna International reported its third-quarter earnings last week, marking a double-digit […]
Tuesday Ticker: October 12, 2021
Toronto, Ontario — This week, Magna may have an opportunity to pick up Qualcomm’s leftovers from the Veoneer acquisition; an Ontario-based battery maker lands a unique deal to break ground in Quebec; while Tesla CEO Elon Musk announces a new home for the EV brand. More opportunities for Magna Magna International may have missed out […]
Two Dates to the Dance: Veoneer takes acquisition deal with Magna despite Qualcomm outbid
Stockholm, Sweden — Veoneer has decided to stick with Magna International’s acquisition bid after being courted with a higher offer from Qualcomm, though Veoneer says it will continue in negotiations with Qualcomm. Last month, Aurora, Ont.-based Magna International put forth a $31.25 per share bid on Veoneer which was outbid by Qualcomm on Monday, who […]
Friends like LG: Magna International and LG launch joint venture, LG Magna e-Powertrain
Aurora, Ontario — LG Electronics and Magna International have joined forces to form LG Magna e-Powertrain, a single company to bridge the technological developments between the two collaborators, according to a press release from Wednesday. The company will be led by 20-year LG veteran and new CEO Cheong Won-suk who, prior to joining LG, worked […]
Tuesday Ticker: July 27, 2021
Toronto, Ontario — This week, Stellantis teases EV plant operations on Canadian soil; Magna International makes an ADAS-aware move for its future and PPG reveals its Q2 2021 financials. Smooth-talking Stellantis Stellantis, formerly known as Fiat Chrysler Automobiles, is reportedly deciding on North American locations for two new electric vehicle battery plants, one of which […]
Advancing ADAS: Magna purchasing auto safety technology company for US$3.8-billion in pursuit to lead in smart cars
Aurora, Ontario — Magna International Inc. is purchasing automotive safety technology company Veoneer to reach its goal of becoming a leader in smart car technology, the company announced Thursday. Magna will reportedly acquire the Swedish company for US$3.8-billion. “The acquisition builds on Magna’s strengths and positions the company’s advanced driver assistance systems (ADAS) business as […]
COVID Courtesy: Magna, GM and Honda give employees paid time off for vaccine
Toronto, Ontario — Magna International, General Motors Canada and Honda Canada are providing paid- time off for employees in Ontario to get the COVID-19 vaccine. While the vaccination policies differ slightly across the companies, none of them are requiring their employees to get vaccinated, however, they are merely encouraging it through education and paid time off. […]
Magna Meets: Magna International to host Q1 results conference call in early May
Aurora, Ontario — One of Canada’s most watched auto parts manufacturers is gearing up for the release of 2021’s Q1 financial results, followed by a conference call, on May 6. Executives from Magna International will be up bright and early on May 6 at 7 a.m. EST to deliver the company’s financial results for the […]
Eyes on the Road: Magna’s near rear-view mirror monitors for distracted driving
Aurora, Ontario — Magna International’s latest market-ready solution is integrated into an interior mirror and meets global regulations related to the detection of distracted driving. According to the company, the mirror utilizes proven camera-based technology to monitor the driver’s head, eye and body movement to detect distracted behaviour, drowsiness and fatigue. If distracted behaviour is […]