Joint venture in Changsha produces lightweight, composite liftgates for fast-growing marketMagna wholly-owned Shanghai plant manufactures active aerodynamic grille shuttersInnovations help lower emissions and improve fuel economy for China customersSHANGHAI, April 30, 2019 (GLOBE NEWSWIRE) — Magna continues to grow its presence in China, as demonstrated by two recent grand opening celebrations.A new plant in Changsha, a joint venture with GAC subsidiary GAC Component Co., Ltd. (GAC Component), began production of composite liftgates for a global automaker’s crossover vehicle in late 2018. This month, Magna’s plant in Shanghai started production on active aerodynamic grille shutters for an American brand producing multiple vehicle platforms for the China market.“These facilities represent growing product segments for us: lightweight, composite liftgates and active aerodynamics,” said Magna Exteriors President Grahame Burrow. “Lightweight composites and active aerodynamics help our customers achieve lower CO2 emissions and improved fuel economy.”Demand for lightweight, fully recyclable, composite liftgates is strong as the market for crossover and sport utility vehicles continues to grow globally. The liftgate modules achieve up to 25 percent mass savings over steel versions, leading to better fuel economy and lower emissions. Composite materials also allow for greater design flexibility with deeper draws and tighter radii. Additional benefits of Magna’s full-system assembly and delivery approach include reduced complexity of the total liftgate module, lower tooling investment and operating efficiency improvement in the automaker’s assembly plant.Active aerodynamic components further address fuel efficiency and emissions needs by reducing vehicle drag. Magna’s active aerodynamic expertise has grown significantly in recent years with more than 10 million active grille shutter systems on the road. Additional product innovations include active underbodies, active wheel deflectors and active rear diffusers, which can be applied across all vehicles from small cars to commercial trucks.Magna has 55 manufacturing facilities and 13 engineering centers in China with more than 22,000 employees. The company was also recently named an Employer of Choice by 51Job.com and Zhaopin.com.TAGS
Automotive exterior systems, China, liftgates, compositesINVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035MEDIA CONTACT
Tracy Fuerst, Global Director of Corporate Communications & PR
tracy.fuerst@magna.com, 248.631.5396ABOUT MAGNA
We are a mobility technology company that is helping pave the way to the future with innovative products and processes. We have more than 174,000 entrepreneurial-minded employees and 348 manufacturing operations and 91 product development, engineering and sales centres in 28 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit 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.Photos accompanying this announcement are available athttp://www.globenewswire.com/NewsRoom/AttachmentNg/a15f63ad-7d79-4fcb-9d85-093dfca1e5e6http://www.globenewswire.com/NewsRoom/AttachmentNg/133900cc-2650-489b-9356-3721f16e9723
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