Autonomous Vehicle News
Magna International Inc. expects that by 2023 half of the vehicles it builds will be electric as startup EV companies launch new models and established automakers set aggressive electrification targets. Magna CEO Swamy Kotagiri, who succeeded longtime CEO Don Walker on Jan. 1, noted Magna’s EV target during an earnings call with analysts in February. “Our portfolio continues to win content on upcoming EVs across all our capabilities, including complete vehicles,” he said. The steel and aluminum composite enclosures, designed to protect batteries from water and other elements, will be used in the 2022 GMC Hummer EV. In April, Magna entered into an agreement with Israeli startup REE Automotive to jointly develop and assemble modular EVs.