News Release - Magna Forms E-Powertrain Joint Venture in China
- Deal signed with
Huayu Automotive Systems Co., Ltd.
- JV to support Magna's first e-drive business in
- Builds on Magna's electrified powertrain experience
Magna designs and manufactures a portfolio of versatile and innovative products that bring power to the wheels of passenger cars and light trucks.
For the initial customer order, the JV will leverage Magna's innovative, highly integrated e-drive system with a focus on the production of the system mainly for the Chinese market. Both partners will give the JV full support to develop localized core competencies in terms of market development, R&D, advanced manufacturing and key parts supply such as gearboxes, inverter components and e-motors, which are key to delivering advanced powertrain technologies and a stronger product portfolio to customers.
"The new-energy vehicle (NEV) market will continue to grow at a rapid speed in
Magna possesses the skills and experience to develop and manufacture electrified powertrains. This includes all key components for modern e-drive systems: e-motor, gearbox, inverter and control software. For nearly 10 years, Magna has been supporting customers in the U.S. and
In 2009, the company announced a vehicle-development partnership with
Additionally since 2012 Magna has supplied
e-powertrain, electric vehicle, Chinese joint venture
We are a leading global automotive supplier with 327 manufacturing operations and 100 product development, engineering and sales centres in 29 countries. We have over 161,000 employees focused on delivering superior value to our customers through innovative products and processes, and world class manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, vision, closure and roof systems. We also have electronic and software capabilities across many of these areas. Our common shares trade on the
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT www.dosxul.live.
INVESTOR CONTACT: Louis Tonelli, Vice-President, Investor Relations, [email protected], 905.726.7035; MEDIA CONTACT: Tracy Fuerst, Global Director of Corporate Communications & PR, [email protected], 248.631.5396