Tag: Magna

By on January 7, 2016

ELIO_STILLS.07-723x406

Regulators may rain on Elio’s parade even before they got started.

That, Volvo takes a serious stab at full-size luxury conventional wisdom, the big get bigger and Ford’s hybrids only go so far … after the break!

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By on December 18, 2015

Takata Logo on Belt

Who would have known that one of the largest parts supply recalls in U.S. history could poison the well for the rest of your business?

That, and Jeep needs you to keep it dry for a minute, Porsche pulls another player from Volkswagen’s bench and how big does Magna International’s yacht need to be anyway, after the jump.

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By on August 31, 2015

magnastronach Picture courtesy deadlysins.info

On Monday, Magna International completed its sale of its interior business to Grupo Antolin, a Spanish firm that’s relatively unknown outside of Spain.

That’s on top of Johnson Control International getting out of the interior business, along with other automakers and suppliers, as John McElroy pointed out in a well-written column for Autoblog.

Magna’s sale underscores the fact that the car-making business — and especially their interiors — isn’t exactly lucrative for most suppliers.

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By on July 17, 2015

Getrag

Supplier and sometimes-assembler Magna International will buy German transmission-maker Getrag for roughly $1.9 billion, the Detroit News is reporting.

The deal would firmly plant Canadian-based Magna International as the world’s second-largest parts supplier behind Robert Bosch GmbH and ahead of ZF, which recently purchased TRW Automotive for $12.4 billion earlier this year.

“The trend among the suppliers is that we now have to be bigger as the auto makers go to us to do more for them,” Magna Chief Executive Don Walker told the Wall Street Journal on Thursday.

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By on October 2, 2012

Are you a short seller who is on the hunt for companies that are worse off than European carmakers?  Look for parts makers that are also in the contract manufacturing business. OEMs may lose sales, but contract manufacturers lose whole contracts when manufacture is brought in-house by OEMs. Magna is likely to lose the contract with BMW to build the next generation of Mini cars, says Reuters. (Read More…)

By on September 17, 2012

For months, Frank Stronach’s Magna was about to take over GM’s Opel, until GM suddenly canceled the deal, a decision GM probably regrets several times a day. Used to reach for the stars, Frank Stronach reaches higher. Instead of ruling Opel, he now wants to rule a country. (Read More…)

By on December 26, 2009

Putin and Gref. Picture courtesy premier.gov.ru

These days, no Christmas cheer is complete without a little Opel jeer. Russia’s Sberbank has demanded compensation from GM for reneging on the Opel deal, Sberbank CEO German Gref said in an interview on Russia’s Vesti television channel. Groveled a grouchy Gref:
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By on December 19, 2009

Eat my dust. Picture courtesy carsspyphotos.com

Last year, Porsche gave Magna an eight-year contract to build the Cayman and Boxster models from 2012 on. Then Porsche went to Volkswagen. Then Opel came. VW was miffed and said “us or Opel.” When Magna’s Opel deal went poof, VW said Magna can come home, all is forgiven. Apparently not quite. Volkswagen (or Porsche, hard to say these days…)  want to use the factories of bankrupt Karmann which Volkswagen had bought and cancelled the contract. Magna cried foul and wanted money.

Now, the matter is official, writes Automobilwoche [sub].
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By on November 26, 2009

2012 Boxster spyshot. Clandestine picture courtesy carmagazine.co.uk

Last year, Porsche gave Magna an eight-year contract to build the Cayman and Boxster models from 2012 on. Magna engineers immediately went to work and toiled with tricky tasks, such as the stiffening of the Boxter’s body. Which they say wasn’t, well, stiff enough. Then Porsche went to Volkswagen. Then Opel came and went. Finally, Volkswagen bought parts of bankrupt Karmann and needed to use the capacity. Cayman and Boxster will be built in Osnabrück, Instead of the Boxster body, Magna was stiffed and asked to pound sand.
(Read More…)

By on November 24, 2009

(courtesy:wardsauto.com)

Magna’s abortive attempt at buying Opel burned a few bridges for its supplier business, most notably drawing the ire of Volkswagen. But now that the deal is off, Magna has been forgiven by VW, and it seems even GM is ready to bury the hatchet. Reuters reports that GM has awarded the manufacture of their 3rd generation frames for full-size light-duty pickups and sport utility vehicles to Magna’s division Cosma International. “This is the third generation of frame business that we’ve been awarded by General Motors,” said Tracy Fuerst, a Magna spokeswoman. “To keep that business is certainly a win for us.” Curiously, the value of the contract wasn’t disclosed and no new jobs would be created but it sent the value of Magna’s share up by 1.9%. Life, and business go on… meanwhile, this is the first sign that GM is actively investing in a new generation of body-on-frame vehicles.

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