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Magna reports Q3 net income up at US$289.0M from US$11.0M a year ago, sales up 17% year-over-year to US$9.3B; results due to higher sales, higher favorable commercial settlements, US$45.0M provision in engineering service contract with Evergrande

Magna investing US$426.6M to expand structural battery enclosure plant in St. Clair, Michigan, US$3.7M to expand Highland Park, Michigan, seat factory; company also investing US$96.1M in Shelby Charter Township, Michigan, battery enclosure facility

Magna starts production of 48-volt, seven-speed, dual-clutch hybrid transmission system for Stellantis in Kechnec, Slovakia; transmissions to be used in Jeep Renegade, Compass e-hybrid, Fiat 500 X and Tipo

Magna’s smart die auto adjusting balance blocks that offer real-time die adjustments to counter thermal expansion during stamping win 2022 Automotive News PACE Award; the award recognizes innovation, technological advancement and business performance

Magna introduces industry-first rear thermoplastic swing doors on Volkswagen ID. Buzz EV van that contain recycled materials and are 20% to 30% lighter than steel doors; thermoplastic liftgate market may grow by 15% by 2028

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