|Bid||86.55 x 800|
|Ask||86.79 x 800|
|Day's Range||85.71 - 87.76|
|52 Week Range||22.75 - 87.76|
|Beta (5Y Monthly)||1.52|
|PE Ratio (TTM)||34.45|
|Forward Dividend & Yield||1.72 (1.98%)|
|Ex-Dividend Date||Mar 04, 2021|
|1y Target Est||93.12|
(Bloomberg) -- Foxconn Technology Group will develop an electric vehicle with Fisker Inc., part of the manufacturer’s efforts to boost its automotive capabilities at a time when technology companies including its main customer Apple Inc. are looking to expand in vehicles.The car will be built by Foxconn, targeted at multiple markets including North America, Europe, China and India, and sold under the Fisker brand, according to a joint statement from the companies Wednesday. Production is set to start in the fourth quarter of 2023.Shares of Fisker rose 35% to a three-month high of $22.02 as of 1:50 p.m. in New York.Taiwan’s Foxconn, whose main listed arm is Hon Hai Precision Industry Co., in October introduced its first-ever EV chassis and a software platform aimed at helping automakers bring models to the market faster. This month, Hon Hai Chairman Young Liu said two light vehicles based on the Foxconn platform will be unveiled in the fourth quarter. Foxconn is also planning to help launch an electric bus around the same time.The Taiwanese company is expected to build more than 250,000 vehicles annually for the Fisker partnership, according to the statement. Foxconn may choose to make some of those cars in the U.S., a person familiar with the matter said. Following Wednesday’s memorandum of understanding, the two sides said they will enter a formal agreement in the second quarter of 2021.Fisker is the second battery-powered car venture founded by longtime auto designer Henrik Fisker, and its debut model, the Ocean electric SUV, is scheduled to start production in late 2022. Henrik Fisker’s first venture, Fisker Automotive, filed for bankruptcy in 2013.Foxconn is the second major manufacturer Fisker has announced a partnership with since reaching a deal to go public last year. In October, the EV startup said Magna International Inc. would help it build the Ocean SUV.In January, Foxconn signed a manufacturing deal with embattled Chinese electric-vehicle startup Byton Ltd. with the aim to start mass production of the Byton M-Byte by the first quarter of 2022. A week later, Foxconn and Zhejiang Geely Holding Group Co. announced they are joining forces to provide production and consulting services to global automotive enterprises.Amid reports of Apple’s car project gaining momentum, Foxconn has bulked up its automotive capabilities that could make it a major contender to make cars for its largest customer.With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people with knowledge of the efforts have told Bloomberg News. That suggests the company is in no hurry to decide on potential auto-industry partners.(Updates with Fisker shares in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
All-new GMC Hummer EV Magna’s new St. Clair, Michigan facility will produce battery enclosures for the all-new GMC Hummer EV New state-of-the art facility to build battery enclosures for GM’s new GMC Hummer EV345,000 square-foot facility, $70 million investment expected to bring more than 300 new jobsProject aligns with industry’s move toward electrification TROY, Mich., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Magna has broken ground on a new manufacturing facility in St. Clair, Michigan, that will build complex battery enclosures for the all-new 2022 GMC Hummer EV. Construction of the 345,000 square-foot facility, named Magna Electric Vehicle Structures, represents more than a $70 million investment that is expected to bring more than 300 jobs to the city of St. Clair over the next five years. The battery enclosure contributes to the structural and safety aspects of a vehicle’s frame and protects high-voltage batteries from damage and water. Magna can develop these advanced assemblies in steel, aluminum, and multi-material configurations, including lightweight composites, to meet the individual needs of its customers. “Bringing this new battery enclosure technology to market is another example of Magna’s ability to deliver a full-system solution to automakers supporting their focus on a lower emissions future,” said John Farrell, President of Cosma International, Magna’s body and chassis group. “The move toward electrification allows us to rethink what is possible and demonstrate how we can leverage our core strengths to continue bringing customers innovative solutions that help them meet their goals, no matter how challenging.” “This investment by Magna will create great jobs for our state’s talented workforce as we continue to implement our Michigan Back to Work plan to get Michiganders back on their feet,” said Governor Gretchen Whitmer. “This announcement reaffirms Michigan is transforming along with the automotive industry to ensure the next generation of mobility and electrification is designed, developed, tested, and built right here in our state.” Magna, through its body and chassis product group, has long been an industry leader in vehicle structures, providing a comprehensive range of capabilities and engineering solutions to global customers. This new business with GM marks an important evolution as the company expands its capabilities in all aspects of the vehicle electrification space. Production at the new plant is expected to begin in early 2022. It will mark Magna’s 25th manufacturing facility in Michigan. The team at the Magna Electric Vehicle Structures facility is actively hiring for a variety of jobs – including managers, engineers, operators and more. For information on careers with Magna, visit: https://www.magna.com/company/careers. TAGSElectrification, EV batteries, sustainability, battery enclosures INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations email@example.com, 905.726.7035 MEDIA CONTACTTracy Fuerst, Vice President, Corporate Communications & PRtracy.firstname.lastname@example.org, 248.761.7004 ABOUT MAGNAWe 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/43a62500-4187-474e-9337-5f2d8a40953e
Shareholders of Magna International Inc. ( TSE:MG ) will be pleased this week, given that the stock price is up 11% to...