And driven by increasing production and the growth of government regulations, the global market for instrument clusters will be worth US$9.02 billion in 2018, the report from MarketsandMarkets says.
But U.S. sales were much stronger than expected last month, Scotiabank said, buoyed by healthy economic activity.
Aurora, Ont.-based Magna signed the joint venture deal with a subsidiary of state-owned automotive giant Guangzhou Automobile Group Co. Ltd.
The new report, by market research firm Frost & Sullivan, says that global automotive aftermarket demand will increase by 4.4 per cent during 2018, with a slowdown anticipated in some developed markets.
For the first time in its history, the Canadian auto parts supplier will supply seats to the BMW Group.
Automotive parts supplier Magna International Inc. is partnering with Lyft, one of North America’s fastest growing rideshare companies, to jointly fund, develop, and manufacture self-driving systems.
The technical foam facilities of Mississauga, Ont.-based Woodbridge and Inoac in North America and South America will operate under the name Woodbridge Inoac Technical Products.
Automotive parts supplier Magna International Inc. has opened a new European composites centre of excellence in Esslingen, Germany, to develop lightweight structural parts and exterior components in advanced materials for European automomakers.
The Jaguar I-PACE is the second Jaguar Land Rover model built by Magna. The first, the Jaguar E-PACE, made its debut in 2017.
But U.S. purchases were mixed in February, Scotiabank said, with each of the Detroit automakers reporting lower sales.
Canadian passenger vehicle sales exceeded 2 million units for the first time ever last year, a new report from Scotiabank said, climbing to an annual record of 2.04 million units. It’s the best back-to-back annual total on record, even as sales in Ontario decline 3%.
Canplas, plus two Barrie, Ont.-based tooling suppliers, are receiving funding from the Ontario provincial government.
But daily rental volumes dampened U.S. sales, the report from Scotiabank said.
Stronger economic growth and replacement demand are expected to drive sales higher in North America and Western Europe, a new Scotiabank report said.
Minghua USA Inc, a Chinese automotive parts maker, will open a new North American headquarters in Troy, Michigan, according to the local media sources. The automotive firm, a subsidiary of Jiangnon Mold Plastics Technology, announced plans to spend over US$8.4…
The automotive aftermarket in Mexico totaled $4.3 billion in 2016 and represented 8 per cent of North American demand, a new report from market research firm the Freedonia Group said.
The Italian-American automaker will invest US$1 billion in its Warren, Michigan truck assembly plant to make the Ram Heavy Duty Truck starting in 2020.
A Conference Board of Canada report predicts that dwindling demand in the U.S., reduced interest in vehicle ownership by American millennials, and the aging of baby boomers will result in a decline in Canadian automotive exports over the next five years.
U.S. purchases continue to exceed expectations, keeping full-year 2017 sales above 17 million units for a record third consecutive year, the bank also said.
Magna is supplying NIO’s new ES8 SUV with aluminum body, chassis, and the gearboxes for the electric drive system.