Constructing merchandise for a wider swath of the market is the explanation that Magna expects development.
One instance is the corporate’s transmission enterprise. At present, Magna targets solely about 40 p.c of the market with the dual-clutch and guide transmissions it builds. Within the years forward, its electrical drive methods will goal each EV on the street.
Totally new elements required by EVs will play a task as properly. Final fall, for example, Magna introduced it might be constructing aluminum battery enclosures for Ford Motor Co.’s electrical F-150 pickup. The light-weight enclosures shall be wanted on all EVs to guard batteries and digital elements from the weather.
Meantime, the powertrain division’s r&d pipeline has additionally begun to bear fruit.
Magna’s newest e-drive system, referred to as EtelligentReach, will premiere on a pair of EVs towards the top of 2022. EtelligentReach – what Rucker describes as a “full system” — features a pair of electrical motors, inverters, gearboxes and specialised software program to spice up vary and efficiency. Stacked up towards manufacturing BEVs in the identical class, the brand new e-drive system will increase vary as much as 30 per cent, Rucker mentioned.
The brand new powertrain shall be turning the wheels of an EV launching in North America this 12 months, in addition to powering a automobile for certainly one of Magna’s current shoppers in Europe. Each are SUVs and anticipated to be comparatively low quantity within the quick time period, Rucker mentioned.
Shares in Magna fell 3.5 p.c to shut at $63.95 on Friday.
Magna, based mostly close to Toronto, Canada, ranks No. 1 on the 2021 Automotive Information listing of the highest 100 North American suppliers with $15.7 billion in income generated from automakers on the continent in 2020.
