U.S. markets closed
  • S&P 500

    4,232.60
    +30.98 (+0.74%)
     
  • Dow 30

    34,777.76
    +229.23 (+0.66%)
     
  • Nasdaq

    13,752.24
    +119.39 (+0.88%)
     
  • Russell 2000

    2,271.63
    +30.21 (+1.35%)
     
  • Crude Oil

    64.82
    +0.11 (+0.17%)
     
  • Gold

    1,832.00
    +16.30 (+0.90%)
     
  • Silver

    27.57
    +0.10 (+0.38%)
     
  • EUR/USD

    1.2168
    +0.0100 (+0.83%)
     
  • 10-Yr Bond

    1.5770
    +0.0160 (+1.02%)
     
  • GBP/USD

    1.3990
    +0.0097 (+0.70%)
     
  • USD/JPY

    108.5820
    -0.5030 (-0.46%)
     
  • BTC-USD

    59,294.95
    +3,553.33 (+6.37%)
     
  • CMC Crypto 200

    1,480.07
    +44.28 (+3.08%)
     
  • FTSE 100

    7,129.71
    +53.54 (+0.76%)
     
  • Nikkei 225

    29,357.82
    +26.45 (+0.09%)
     

Magna Reaches eDrive Gearbox Production Milestone and Wins Additional Business in China

  • Oops!
    Something went wrong.
    Please try again later.
Magna International Inc.
·3 min read
  • Oops!
    Something went wrong.
    Please try again later.

100,000 eDrive gearboxes

100,000 Magna eDrive gearboxes produced for Chinese EV manufacturers
100,000 Magna eDrive gearboxes produced for Chinese EV manufacturers
100,000 Magna eDrive gearboxes produced for Chinese EV manufacturers
  • 100,000 eDrive gearboxes produced for Chinese electric vehicle manufacturers

  • New eDrive gearbox business won, further supporting Chinese startups

  • Technology helps power pure electric vehicles, from sedans to SUVs

SHANGHAI, China, April 19, 2021 (GLOBE NEWSWIRE) -- On the heels of reaching a production milestone for its eDrive gearboxes, Magna has won additional business to further support Chinese electric vehicle (EV) start-ups. Supporting the fast-growing EV market in China, Magna’s joint venture with Jiangling Motors Co., Ltd. celebrated a major milestone, achieving its 100,000th eDrive gearbox produced.

Magna’s plant in Jiangxi began production of eDrive gearboxes in 2018 that featured: high efficiency; best-in-class power density; excellent noise, vibration and harshness performance; and a complete torque range from 200Nm to 530Nm. Today, they are found in various car models from sedans to SUVs for several Chinese automakers including NIO and Xpeng.

With the success of these programs, Magna continues to win new business for eDrive technologies with EV start-ups.

“As powertrain electrification accelerates, especially in the Chinese market, we are positioned well to continue supporting automakers in their continued efforts to bring electrified vehicles to market quickly,” said Tom Rucker, President of Magna Powertrain. “Magna’s competitive advantage is attributed to our flexible approach to this growing market by offering both complete systems as well as e-components to our customers.”

Magna continues to deliver comprehensive electrification solutions from mild hybrid to battery electric vehicles as the industry progresses toward a cleaner future.

The company leverages a set of scalable building blocks that continue to supply industry leading traditional powertrain solutions while at the same time supporting the need for electrified systems and components.

TAGS
Powertrain electrification, eDrive gearbox, electric vehicles, NIO, Xpeng

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248.761.7004

ABOUT MAGNA
We are a mobility technology company. We have more than 158,000 entrepreneurial-minded employees and 342 manufacturing operations and 91 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

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.MAGNA.COM.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38c18606-c2c5-4d03-a521-90af9fed07b3