Magna International Inc.

Consumer

Magna International Inc. (TSX: MG), which started working with General Motors in 1957, is a Canadian mobility technology company headquartered in Aurora. It provides parts used in exteriors & interiors, seating, body and chassis. Apart from this, the company also provides vision, electronics and electric vehicle systems. It is currently investing heavily in artificial intelligence and Level 5 Automation. The company is one of the largest automobile parts manufacturer in North America and gets most of its revenue from there and Europe accounts for 44 per cent of the revenues. Last year, Magna secure a place on the 2020 Forbes Global 2000 list and it has ranked consistently in the Fortune Global 500 list as well. The company's chief executive officer is Seetarama (Swamy) Kotagiri and it employs 1,58,000 people in 342 different manufacturing operations across the globe. It has product development and sales centres in 27 countries and the company was founded by Frank Stronach. Its parts are supplied to automakers like General Motors, Ford Motor Company, BMW and Tesla Motors among others. On Monday, April 12, Magna International came into an agreement with Israeli company REE Automotive and both companies will come together to develop a modular electric vehicle. This move will help boost the prospects of Magna into a growing field of the EV market, which is said to boom in Canada. Last week, the mobility technology company announced that it has developed a new Driver Monitoring System for avoiding road accidents. Distracted driving remains one of the leading accident causes and the company has developed a technology that will use cameras (placed inside the interior mirror of the car) to detect if the driver is distracted and not paying attention to the road. In such a scenario, this technology will alert the driver through audio and visual notifications. This system will also include features like child presence detection and if the driver is wearing a seat belt. Since the company focuses on bringing sustainable solutions in the vehicle market to combat climate change and other environmental issues, it has also developed a technology known as eBeam that will enable automakers to electrify heavy vehicles without compromising their efficiency and utility. To cut greenhouse gases emissions, the company developed the Magna EtelligentEco system that will reduce the emissions by 38 per cent.

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