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Magna International Inc. (TSX:MG) News And Share Price

Magna International Inc is a Canadian company that supplies mobility technology to major automakers, and is primarily known for its role in the production of electric vehicles, an industry that is gaining momentum.

Headquartered in Aurora, Ontario, the enterprise came into being in year 1957. Over the years, it expanded to a network of about 347 manufacturing facilities and 84 product development, sales and engineering centres around the world.

Magna International Inc’s product segment includes:

• Body exteriors and structures: it develops customized body structure solutions for crash and weight performance. It also produces Chassis structures, suspension system, roof systems and provides energy management solutions, aluminum casting, vacuum casting services.

• Power & vision: it offers in-house manufacturing expertise, scalable powertrain systems, hybrid drives, automated driver assistance systems, mechatronics etc. It also provides electronic inverters, e-pumps and power closures under the control module segment.

• Seating systems: it provides complete solutions related to seating structures, hardware, mechanisms for automotive makers, including heavy trucks and buses. The company provides foam and trim products, including flexible polyurethane foam.

• Completing vehicles: it provides complete vehicle engineering and manufacturing solutions, including designing, safety testing, development of modules, and complete vehicle integration.

The Canadian company aims to focus and invest in artificial intelligence (AI) technology as well as level 5 automation.

Magna International Inc is said to have a global presence in 28 countries spanning five continents, including North America, Europe, South America, Africa and Asia.

Some of the company’s significant customers include major automobile manufacturers such as US-based Ford Motor Company, General Motors, German auto giant Mercedes, luxury carmaker BMW Group and Volkswagen, among others.

Magna International Inc is said to have more than 260 subsidiaries and about 360 branches. It was reportedly ranked on the World’s Best Employers list for year 2020 by business magazine Forbes.