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Magna Tells Investors Sales Expected to Jump More Than $11B by 2023

April 15, 2021 admin

Magna CEO Swamy Kotagiri told investors sales would rise by at least $11 billion in the next few years.

Magna International, one of the world’s largest automotive suppliers expects global sales to hit as much as $45.5 billion in 2023, officials told investors this week.

The company said it expects sales to grow to a range of $43 billion to $45.5 billion in 2023, up from $32.6 billion in 2020. Officials expect global light-vehicle production to grow 6% on average per year from 2020 through 2023, while the company’s annual sales will grow 10-12% on average, per year over that time frame, the annual report indicated.

Innovation leads the way

This growth is being led, in part, by several new products developed by Magna. One of those are EV battery enclosures that contribute to the structure of the vehicle, protect high-voltage batteries and will debut on the new GMC Hummer EV and Ford F-150.

Another technology developed by Magna, Clearview, a combination of camera and mirror technology that provides an enhanced field of view. It will be available on multiple vehicle models for the global automotive market.

Freeform is a surface seating trim that improves seat comfort with contoured surfaces which has been sourced with two global automakers, Magna added.

Part of Magna’s growing business is the all-electric Fisker Ocean SUV, which it will build in Austria.

Strong balance sheet aids growth

Magna also said in February net income from the fourth quarter of 2020 increased 68% from a year earlier due in part to better-than-anticipated vehicle production.

“Our balance sheet remains strong,” said Magna CEO Swamy Kotagiri in a letter to shareholders in the annual report.

“Last year we invested approximately $600 million in areas of engineering aligned with megatrends, including electrification, autonomy and new mobility. We will continue our disciplined investment approach to drive growth and create long term shareholder value.

“As one of the world’s largest and most advanced technology suppliers in the mobility space, we continue to be an indispensable partner for established automakers and new entrants alike. While Magna’s current product portfolio is well positioned for the car of the future, we are continuing to expand our offerings, capabilities and evolving business models.”

New ventures

The annual report also noted that Magna had launched a new joint venture with South Korea-based LG Electronics that blends Magna’s strength in electric powertrain systems and automotive manufacturing with LG’s expertise in component development for e-motors and inverters, accelerating both companies’ growth in the electric powertrain market.

In addition, Magna is supplying electric carmaker Fisker with an EV platform, electrical/electronic architecture, vehicle engineering and manufacturing and the complete ADAS system for the Fisker Ocean SUV, demonstrating Magna’s unique systems level approach.

Magna’s facility in Graz, Austria already builds a variety of vehicles for established automakers.

“Additionally, we continued to win significant business throughout the year, despite pandemic constraints, driven by our leading technology,” the company noted. “These wins reflect our continued investments that drive innovative solutions for our customers. In fact, over 90% of our 2023 sales are already booked.”

New venture with Israeli company

Magna also entered into a new agreement with REE Automotive Ltd. Tel Aviv-based REE is a self-described electric mobility company, marketing Modular Electric Vehicles, or MEVs.

The collaboration will explore the combination of REE’s technology with Magna’s vehicle systems integration expertise and manufacturing capabilities, to develop MEVs for commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.

“We are thrilled to reach a collaboration agreement with Magna, which should help put us on the fast track to support a broad range of electric vehicles (EVs),” said Daniel Barel, REE Co-Founder and CEO, in a statement.

“We see a growing demand for highly modular EVs from leading tech companies and new electric mobility players who have set their sights on entering the EV realm and building a brand in automotive. REE and Magna working together under the ‘Powered by REE’ approach can help bring their vision to life.”

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Honda Ups Its Game with Level 3 Autonomous Technology Suite

March 9, 2021 admin

Honda just launched its next-generation Honda SENSING Elite safety system with Level 3 automated driving features in Japan.

Honda revealed it’s taking the next step in the development of its autonomous technology, announcing plans to begin leasing a vehicle in Japan equipped with Honda SENSING Elite.

The Japanese automaker is offering the system in the new Honda Legend EX, which in the U.S. is part of the Acura brand. The automaker claims the move is part of the effort “to realize a collision-free society based on its global safety slogan, ‘Safety for Everyone.’” Honda enjoys a reputation for the research and development of innovative safety technologies.

Honda SENSING Elite is a variation of Honda SENSING, a suite of safety and driver-assistive technologies currently available on Honda vehicles around the world.

Automaker improves technology

The technology suite qualifies as a Level 3 autonomous driving system, for which Honda received the designation from the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) late last year. This system lets the vehicle “drive” itself under very specific traffic circumstances.

Honda’s new Level 3 automated driving system uses a camera to monitor the driver.

The Society of Automotive Engineers (SAE) defines Level 3 autonomy as “able to detect the environment around them, Level 3 vehicles contain the lowest-tier system that is classified as an automated driving system as opposed to a manual system.” Tesla’s Autopilot and Cadillac’s Super Cruise systems are considered Level 2.

How it works

The system uses a combination of 3-D high-definition maps as well as satellite positioning to determine the vehicle’s position and road conditions at any given moment. Additional data is collected from external sensors and cameras providing information about the vehicle’s surroundings and the driver’s condition for the system as well.

Based on this wide range of information, the main electronic control unit, or ECU, recognizes current and anticipates future conditions to help the driver with all aspects of driving, such as acceleration, braking and steering. Some of the key features of the system include:

Hands-off functionality with adaptive in-lane driving and active lane-change assist with hands-off function (driver and system assessment)

Honda’s Hands-off functionality features a variety of capabilities, including active lane-change assist.
Traffic Jam Pilot with emergency stop assist
Human-Machine Interface that instantly tells the driver the system’s operating status

Honda simulated about 10 million patterns of possible real-world situations during system development. Additionally, the automaker conduced real-world demonstration tests on expressways for a total of approximately 800,000 miles. And the system incorporates a redundant system design to ensure safety and reliability in the event of a problem with any of the devices.

Industry looking to make inroads

Honda’s announcement is just the latest made by OEMs concerning the development of AI tech. On Feb. 1, Ford and Google unveiled a strategic partnership to accelerate Ford’s transformation in the form of a new collaborative group, Team Upshift.

Ford also named Google Cloud its preferred cloud provider to use Google’s expertise in data, artificial intelligence (AI), and machine learning (ML).

Honda’s Level 3 technology provides plenty of feedback to the driver.

On Jan. 19, GM revealed that the company along with tech developer Cruise entered a long-term strategic relationship with Microsoft to accelerate the commercialization of self-driving vehicles.

To realize the potential of cloud computing for self-driving vehicles, Cruise will use Azure, Microsoft’s cloud and edge computing platform, to commercialize its unique autonomous vehicle solutions at scale.

Microsoft, as Cruise’s preferred cloud provider, will also use the autonomous tech company’s expertise in product development. Microsoft joined GM, Honda and institutional investors in a combined new equity investment of more than $2 billion in Cruise, bringing the post-money valuation of Cruise to $30 billion.

Ford Expands Explorer Offerings with New King Ranch

February 24, 2021 admin

2021 Ford Explorer King Ranch edition introduces a rugged, premium appearance, bringing the King Ranch name to America’s all-time best-selling SUV line.

Thanks to the introduction of the all-new Ford Explorer King Ranch edition today, one of the industry’s most competitive segments — midsize SUVs — market just got a little testier.

Ford basically created the segment with the introduction of the Explorer nearly three decades ago, and now it is basically a Battle Royale for consumer dollars. The King Ranch variant gives the automaker an entry in the most expensive end of the price range.

It’s also a response to customers who called for a higher-end version of the Explorer, said Lee Newcombe, Ford Explorer marketing manager. Ford engages with owners to constantly innovate Explorer and the result is the first-ever King Ranch edition for the Explorer.

Buyers want a luxury

Explorer King Ranch comes with premium soft touch materials and fabrics. The new ute also enjoys the unmistakable mahogany-colored Mesa Del Rio leather seats with perforated front and second rows with the King Ranch Running W logo so identifiable with the trim level.

Explorer King Ranch comes with premium soft touch materials and fabrics, including the unmistakable mahogany-colored Mesa Del Rio leather seats.

The center console is also crafted with a Mesa Del Rio leather armrest and King Ranch logo insert, Newcombe noted.

The refinement continues in the cockpit with leather door trim rollovers, a leather-wrapped and stitched instrument panel combined with Sapele wood appliqués as well as a leather-wrapped steering wheel with Norias stitching and a Sapele wood insert.

Complementing the refined interior is an available Premium Technology Package featuring multi-contour seats with active motion massaging functionality as well as an easily read and used 10.1-inch touchscreen and a 14-speaker Bang & Olufsen audio system.

Capability is also king

The standard 3.0-liter EcoBoost under the hood produces 365 horsepower and 380 pound-feet of torque with four-wheel-drive and rear-wheel-drive configurations offered, combined with a 10-speed automatic transmission with SelectShift capability. A standard Class III Trailer Tow Package enables towing capability of up to 5,600 pounds.

In addition to Ford Co-Pilot360 technology standard on all Explorer models, Explorer King Ranch comes standard with Ford Co-Pilot360 Assist+, featuring Adaptive Cruise Control with Stop-and-Go and Lane Centering, Evasive Steering Assist, a voice-activated touch screen navigation system with pinch-to-zoom capability, SiriusXM Traffic and Travel Link and Speed Sign Recognition.

The Premium Technology Package features multi-contour seats with active motion massaging functionality plus a 10.1-inch touchscreen.

Ford moves to stay on top of midsize SUV market

Adding the King Ranch shows Ford’s serious about being a force in the segment, which it needs to be now that the only car it produces in high volume is the Mustang.

According to the website Carsalesbase.com, in 2020 sales of midsized SUVs in the United States continue to outperform the overall car market with sales down 6% in 2020 although up 7% in the last quarter of the year.

A total of just over 2.5 million units sold gives these family haulers a share of 17.3% of total car sales in the U.S., up from 15.8% the previous year. The arrival of new models has expanded the class to 46 nameplates, including offerings like the Toyota Highlander, which outsold the Explorer in Q4 and passed the Jeep Grand Cherokee for second place.

The Explorer and Highlander will be fighting for the top spot in 2021, as the Grand Cherokee is due for a redesign at the end of the year. Jeep will launch a 3-row version called Grand Cherokee L in the second quarter, giving it finally a long-awaited 7-seater option in this segment.

Defending its territory

2021 Ford Explorer King Ranch Edition badge

The Explorer King Ranch edition will start at $52,350 MSRP for rear-wheel-drive configuration and $54,350 MSRP for four-wheel drive.

Stephanie Brinley, principal analyst for IHS Markit, said it makes sense for Ford to defend its territory given both the importance of the midsize market to the company and the upcoming competition.

“The Ford Explorer has always been a top seller for the company and this new King Ranch is a matter of offering consumers additional choice in this market,” Brinley said.

“We are seeing manufacturers offering consumers more sub-brands. GM has been very successful with the Denali sub-brand. By offering premium trin levels on the Explorer, Ford is giving potential buyers a different look for a popular vehicle.”

The Explorer King Ranch edition will start at $52,350 MSRP for rear-wheel-drive configuration and $54,350 MSRP for four-wheel drive. It will be available in dealerships this spring.