Magna Millions: Magna International invests $790 million to build three Ford EV parts plants
Aurora, Ontario — Aurora, Ont.’s own Magna International signed onto three major projects with Ford this past week, bearing a nearly billion dollar price tag, to build three new electric vehicle parts plants in the U.S. Of the three facilities slated for construction, two will be located within Ford’s BlueOval City campus in western Tennessee, […]
Tuesday Ticker: Boyd Group announces Q1 cash dividend, Magna feels effects of rising interest rates
Toronto, Ontario — In this weekly Tuesday Ticker, Boyd Group announces a cash dividend for the first quarter of 2023 and rising interest rates, among other macroeconomic factors, put strain on Magna stocks. Betting on Boyd Boyd Group announced Friday a cash dividend for the first quarter of 2023 of $0.147 per common share. The […]
B-town Boost: Magna International invests $471 million into Brampton EV battery enclosure plant
Brampton, Ontario — Ontario’s automotive manufacturing giant, Magna International, is throwing around big money in the pursuit of an EV battery enclosure plant in Brampton, announcing Wednesday that $471 million has been earmarked for the project. Alongside funding what is projected to be a $265 million building project, Magna’s investment will also go toward creating […]
Tuesday Ticker: Tesla allegedly eyeing Ontario for Gigafactory plans; Magna reports Q2 2022 results
Toronto, Ontario — Tesla reportedly looks to build its own Canadian Gigafactory in Ontario, while Magna marks some meek numbers in its Q2 2022 financial results call. Tesla-tario? Tesla is lobbying the Ontario government for an “advanced manufacturing facility” within the province, according to reports from Electric Autonomy Canada. The EV news outlet said that […]
Second Thoughts: Magna cancels plans for $50 million battery enclosure plant in Chatham
Chatham, Ontario — The rug has been pulled out on what was supposed to be a $50 million EV battery enclosure production plant for the municipality of Chatham, Ont., as a news release from Magna International shows the company’s plans to cancel the project. The Chatham Daily News got a hold of a Magna news […]
Magnaberry: Magna International and Blackberry partner to develop ADAS solutions
Waterloo, Ontario — In a meeting of two Canadian manufacturing giants, Wednesday saw the solidifying of a partnership between Magna International and Blackberry to jointly develop integrated advanced driver assistance systems (ADAS) solutions. BlackBerry will provide the auto parts manufacturer with its QNX software as well as engineering services. “With software now being a driving […]
Auto Alley: Magna International to open new $50 million plant in Chatham, Ont.
Chatham, Ontario — Not one to be left out of the recent Ontario manufacturing mayhem, Magna International has announced its plans to build a new auto parts plant in the southwestern city of Chatham. The global auto parts supplier expects the new $50 million facility to employ 150 people who will make battery enclosures for […]
Tuesday Ticker: February 22, 2022
Toronto, Ontario — This week, Magna feels the effects of the Ambassador Bridge closure on top of an already difficult start to the year; Volkswagen and Huawei reportedly eye a partnership in autonomous driving tech and both Renault and Rivian vow never to dip their toes into the ocean. Ambassador effects Magna International is feeling […]
Tuesday Ticker: February 8, 2022
Toronto, Ontario — In this weekly Tuesday Ticker, Magna makes its moves into the autonomous technology realm with its acquisition of Optimus Ride; an Ontario based auction house marks a stellar start to 2022 and Ford dog-ears huge sums for EV development. Magna moves into autonomous tech Magna International has hired more than 120 employees […]
Tuesday Ticker: January 11, 2022
Toronto, Ontario — In this week’s Tuesday Ticker, Magna International announces a brand new EV centre, Volkswagen of America CEO complains that the automaker’s total-units-sold could be higher and General Motors partners with Qualcomm for a revamped Ultra Cruise. Electric energy at Magna HQ Magna International announced last week it plans to develop a new […]
