|Day's range||9.20 - 9.20|
(Reuters) -Canadian auto parts maker Magna International Inc raised its full-year earnings forecast on Friday, betting on increased production of cars and other light vehicles in North America and Europe as supply-chain constraints ease. Magna also joined peer Aptiv PLC in issuing positive commentary on the supply chain as the auto industry recovers from chip and labor shortages as well as elevated prices for raw materials and freight that had shackled efforts to meet customer demand. Magna expects light vehicle production in North America and Europe, its two largest markets, to grow to 15 million units and 16.3 million units, respectively.
Fisker (NYSE: FSR) announced some important news today, and its stock is soaring as a result. Fisker stock is bouncing off a recent all-time low after the company said European regulators have certified its Ocean SUV for sale. Fisker will begin deliveries of its limited edition Ocean One on May 5 in Europe.
Westport (WPRT) incurs a loss of 10 cents per share in Q4 as against earnings of 4 cents in the year-ago period. Its revenues decline 5.6% year over year.
Thor (THO) misses fiscal Q2 earnings and sales estimates, while Ford (F) is set to slash around 1,100 jobs at its plant in the eastern Spanish city of Valencia.
Electric vehicle (EV) makers and charging companies often capture the spotlight when it comes to investing discussions in this growing segment of the automotive industry. Magna International (NYSE: MGA), Dana (NYSE: DAN), and the Global X Lithium & Battery Tech ETF (NYSEMKT: LIT) are three less-obvious ways to invest in the EV industry. Here's what makes each of these hidden gem investments worth considering now.
Magna (MGA) announces two series of U.S. dollar denominated senior notes offerings to finance Veoneer Active Safety Business Acquisition and one series of Euro denominated senior notes offerings.
The Zacks Consensus Estimate for CarParts.com (PRTS) Q4 loss per share and revenues is pegged at 13 cents a share and $152.4 million, respectively.
Magna (MGA) lags Q4 earnings mark on lower-than-expected income in Body Exteriors & Structures, Power & Vision and Seating Systems segments. It expects adjusted EBIT margin to improve 230 bps by 2025.
The expansion includes a 490,000-square-foot factory in Brampton that will be used to make battery enclosures for electric vehicles, including the Ford F-150 Lightning. Auto suppliers are jostling to meet the requirements of automakers, which are investing billions of dollars in developing electric vehicles. "We're putting Ontario back on the map as we build up Ontario's electric vehicle supply chain from mining to manufacturing," Ontario Premier Doug Ford said.
BGS, MGA and NWL have been added to the Zacks Rank #5 (Strong Sell) List on February 15, 2023.
General Motors (GM) expands its partnership with Magna (MGA) to source battery enclosures for the new Chevy Silverado EV in Michigan.
When Magna International (NYSE: MGA) warned investors about its upcoming quarterly results on Jan. 24, the stock took a hit. Magna had said its adjusted earnings before interest and taxes (EBIT) margin would be below the 4.8% to 5% range projected in its November 2022 outlook. Magna reported that metric to be under 4.4% for 2022.
(Reuters) -Canada's Magna International Inc on Friday reported an 80% fall in quarterly profit and warned of more pressure on its margins from volatile production schedules at automakers and elevated costs. The auto parts maker's U.S.-listed shares were down 13.7% and on track for their worst day in nearly three years. Chip shortages, lost production and rising raw material costs have weighed on auto suppliers and auto executives say some of the pressures are expected to persist this year amid a looming recession.
The electric vehicle market has been the talk of the stock market for three years, but shares of EV companies haven't fared well as the market has dropped. Not only are investors concerned about companies executing growth plans, but they're also worried that consumers won't have enough money to buy expensive vehicles in a slowing economy with rising interest rates. Here's a look at why General Motors (NYSE: GM) and Magna International (NYSE: MGA) are great ways to get exposure to the EV industry.
Magna (MGA) inks a deal to buy Veoneer Active Safety business. Stellantis (STLA) closes aiMotive takeover and plans to acquire Symbio. CarMax (KMX) lags fiscal Q3 earnings estimates.
The deal builds on Magna's (MGA) ADAS business strength and seeks to enhance its portfolio with the addition of complementary products and significant engineering and software resources.
A push to incorporate assistive-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology with auto suppliers vying to meet the requirements. Earlier this year, Ford Motor Co and Volkswagen AG shuttered its self-driving startup Argo AI underscoring the growing realization that automated vehicles may be even further away from mass deployment than industry executives predicted back in 2019. Magna Electronics, which develops technologies for automated driving and vehicle electrification, and Veoneer is projected to have advanced driver assistance systems (ADAS) sales of about $1.8 billion in 2022, about $3 billion in 2024.
Fisker said it intends "to take immediate and aggressive action to address the false and misleading claims made by Fuzzy Panda Research," adding that it owns the intellectual property for the Fisker Ocean Platform. In a report disclosing an unspecified short position earlier on Thursday, Fuzzy Panda Research said that Fisker's access to its funds is limited by bank guarantees that set a mininum cash balance.
Magna (MGA) now expects full-year 2022 revenues in the band of $37.4-$38.4 billion, down from the previously guided range of $37.6-$39.2 billion.
Magna (MGA) delivered earnings and revenue surprises of -5.31% and 0.75%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
Shares of Fisker (NYSE: FSR) were hit hard this morning, but it isn't because of the third-quarter report it released last night. As of 12:05 p.m. ET, Fisker shares remained lower by 2%. Fisker still expects production of its electric Ocean SUV to begin later this month.
Magna (MGA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
General Motors (GM) and Ford (F) offer important updates on their electrification strides and self-driving technologies to keep up with the changing dynamics of the auto industry.
Magna (MGA) enters the micromobility domain with a $77-million investment in India-based Yulu, expediting the e-mobility transition. It will exhibit its electrification solutions at the IAA event.