19 Facts About Magna International

Magna International Inc is a Canadian parts manufacturer for automakers.

Magna International is the largest automobile parts manufacturer in North America by sales of original equipment parts, it has ranked consistently in the Fortune Global 500 list for 20 years in a row since 2001.

Magna International is governed under a corporate constitution which calls for distribution of profits to employees and shareholders.

Magna International began designing automotive rearview cameras for Hummers in 2005 on its production line in Michigan, which were not a federal requirement at the time.

Magna International has produced more than 46 million components and opened a $66.

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Magna International partnered with Argus Cyber Security after joining in a 2015 Series B funding round to access the company's security technology.

Magna International sold its interiors business, which includes door and instrument panels, overhead systems and cargo management parts, to Grupo Antolin in August 2015.

In March 2018, Magna International announced they will work together with the ride-share company Lyft to supply high-tech kits that turn vehicles into self-driving cars.

Magna International invested $200 million into the project and both parties will jointly own the intellectual property developed.

Magna International announced a partnership with BAIC Group in June 2018 to develop "next-generation" smart electric vehicles for Chinese consumers.

Magna International is headquartered in Aurora, Ontario, and has 342 manufacturing operations and 91 product development, engineering and sales centres in 27 countries.

Magna International is governed under a corporate constitution, and requires consensus from management, shareholders and employees to make any changes.

In 2002, Magna International announced that it had reached an agreement with DaimlerChrysler to acquire its Austrian-based Eurostar Automobilwerk operation.

Magna International purchased CTS Fahrzeug-Dachsysteme, a supplier of convertible roofs, from Porsche in November 2005.

In July 2015, Magna International bought the German company Getrag, which was one of the largest suppliers of automotive transmissions worldwide for $1.

Magna International is the largest automobile parts supplier in North America and the third largest worldwide.

Magna International has partnered with BMW on electrification to produce electric cars on a contract basis.

Magna International is known for using new materials for "lightweighting" vehicles.

Goldman Sachs has reported that automated features developed by suppliers such as Magna International will produce a 42 percent compound annual growth rate in global revenue over the next decade.