Aurora, Ont.-based Magna said the realignment will create four global, product segments. Additionally, the company plans to report quarterly sales and earnings for each unit beginning in 2018.
The new, modernized facility will be at least 115,000 square feet and will address Hella’s company’s continued growth as well as provide flexibility to adapt to automotive marketplace shifts in the coming years.
Global sales gains were moderate, Scotiabank said, as purchases decline temporarily in Asia.
Based on available data, Scotiabank’s latest Auto News flash says that Canadian sales declined two per cent year-over-year in November, ending the six-month streak of monthly records.
Aurora, Ont.-based Magna is expanding into a larger plant for its mirrors business in Slovakia, and will also install a new automated paint line in the building.
Approximately 20 million euros will be invested in the new plant in Changzhou, Lanxess said; production will start in Q2 2019.
Ford Motor Co. took home the top award for its entry in the body exterior category, a structural front-end module with loose layer construction on the 2018 Expedition.
Auto industry representatives and academics researching autonomous vehicles will work together at the Stratford, Ont. centre to further develop and demonstrate the technology.
Driven by the high level of North American vehicle launches predicted between 2018 and 2020, spending on automotive vendor tooling will reach a record high of US$11 billion next year, a new report from Harbour Results Inc. said.
U.S. purchases defied expectations, Scotiabank also said, remaining at an annualized 18 million units last month.
Global car sales accelerated through the summer, a new report from Scotiabank said, with volumes advancing 4.5% above a year earlier in August, double the growth of the previous three months.
Canadian automotive parts supplier Magna International Inc. has entered into a joint venture agreement with Huayu Automotive Systems Co. Ltd. to produce an electric-drive powertrain system for a German automaker.
The project will boost the plant’s capacity by approximately 30 per cent and create 17 new jobs.
Aurora, Ont.-based Magna said the paint shop will support its contract manufacturing site in Graz, Austria, about 75 kilometres away.
The report from DesRosiers Automotive Consultants says investment has been almost cut in half, noting “Canada’s loss of investment market share to Mexico and the southern U.S. over this period has been well documented.”
The core partners are developing the self-driving platform for an application in 2021.
U.S. purchases rebounded to a cycle-high in September, Scotiabank said.
A carbon fiber subframe won for process innovation, a reclaimed carbon fiber body panel won for materials innovation, and both products tied for the People’s Choice award.
The centre will deliver the latest mirror and vision systems technologies to Asian markets.