Magna to produce BMW 5-series plug-in hybrid

Date : 06/19/2017 @ 3:24PM
Source : PR Newswire (US)
Stock : Magna International, Inc. (MGA)
Quote : 46.1  -0.52 (-1.12%) @ 4:02PM
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Magna to produce BMW 5-series plug-in hybrid

Magna (NYSE:MGA)
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  • Demonstrates Magna's vehicle electrification expertise
  • Builds on a strategic partnership that has been in place for more than 15 years
  • Adds second electrified vehicle program to line-up in Graz

SAILAUF, Germany, June 19, 2017 /PRNewswire/ - BMW's new 530e plug-in hybrid will be produced at Magna's contract manufacturing plant in Graz, Austria, starting in summer 2017. As a contract manufacturing partner for two premium electrified vehicles – the BMW 530e and the previously awarded Jaguar I-PACE – Magna's Graz facility is demonstrating its value proposition to its customers.

BMW 530e to be built at Magna’s facility in Graz, Austria (CNW Group/Magna International of America Inc.)

This vehicle program further demonstrates the trust BMW places in Magna's expertise in contract manufacturing and electrified products. Production of the new BMW 5 Series marks the successful continuation of the strategic partnership between the BMW Group and Magna that started over 15 years ago. The first BMW produced in Graz, an X3 SUV, rolled off the assembly line in Graz in 2003.

"We are excited to be adding another electrified vehicle architecture to our line-up," said Guenther Apfalter, President Magna Steyr.  "Vehicle electrification is a growing trend in the industry and, with our complete vehicle know-how, we are in a great position to help our customers meet the demands." 

Magna started the split production on the BMW 5 Series sedan in March of this year and will commence production of the Jaguar I-Pace, their first electric car, in the first quarter of 2018. This year the company celebrates a milestone of more than three million vehicles produced in total for various automakers over the life of the plant in Graz.

TAGS
Contract manufacturing, electrification, BMW 5 series, Jaguar I-PACE

ABOUT MAGNA
We are a leading global automotive supplier with 321 manufacturing operations and 102 product development, engineering and sales centres in 29 countries. We have over 159,000 employees focused on delivering superior value to our customers through innovative products and processes, and world class manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, vision, closure and roof systems and have electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at 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.

BMW 530e to be built at Magna’s facility in Graz, Austria (CNW Group/Magna International of America Inc.)

SOURCE Magna International of America Inc.

Copyright 2017 PR Newswire

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