Magna CEO Walker to retire at end of 2020, Seetarama Kotagiri up next
Kotagiri, currently Magna’s president, has more than 25 years of automotive industry experience, 21 years with the company.
Magna withdraws guidance due to business uncertainty of COVID-19 outbreak
The auto parts company said many of its plants have reduced or suspended operations because of the outbreak
Magna International expects 2020 sales to be down from 2019
Auto parts company also says it has decided to conclude its self-driving technology partnership with Lyft.
Magna cuts 2019 outlook after GM strike in US cuts volume
Expects total sales this year of between $38.7 billion and $39.8 billion.
BMW awards Magna its largest ever transmissions order
Multi-year deal covers all front-wheel drive, dual-clutch, hybrid variants.
Magna’s Q2 profit falls 28% as sales revenue and volumes decline
Auto parts maker cites lower operating margins and higher expense items.
Auto parts maker Magna reduces profit guidance for 2019
Expects light vehicle production in North America and Europe to fall shot of an earlier forecast.
Tariffs a problem, but USMCA could give Magna a leg up: Walker
Agreement encourages auto companies to invest or expand in the US and Canada.
Auto parts maker Magna reports $456M Q4 profit, ups dividend
Will now pay quarterly 36.5 cents per share, up from 33 cents per share.
GM reaffirms Oshawa closure after meetings with Ontario and federal officials
About 2,600 unionized workers and 340 other staff to lose jobs.
Magna sells FP&C business to South Korea’s Hanon Systems for $1.23B
Powertrain unit will focus on transmission and other driveline-related systems.
Magna stock plunges after cautious outlook amid tariff uncertainty
Edging down estimates for sales, margins and other key metrics for 2018, even though Q2 results were strong.
Magna buys Italian automotive light maker OLSA for $354M
Deal expands its capability to design, engineer and manufacture headlamps.
Magna beats Q1 profit expectations, raises guidance for the year
Revenue of $10.8 billion is up from $8.9 billion in the same quarter last year.
Magna invests $125,000 for Skills Ontario initiatives
Auto parts maker will also offer jobs to medalists in the industrial contests.