Magna unveils newest concept car, posts strong Q4 profits

Magna International will present its newest concept car, the MILA Blue, at the Geneva Motor Show 2014. The latest example of Magna’s expertise in complete vehicle design and assembly is a lightweight, four-seat, A-segment (mini) natural-gas powered concept car. MILA Blue is the seventh concept vehicle in the MILA line and weighs 300 kilograms less than “typical” A-segment vehicles. It achieves this significant weight reduction through the use of innovative materials and downsizing.

MAGNA INTERNATIONAL INC. - Magna Presents Innovative Lightweight
MILA Blue, a new natural gas/electric hybrid from Magna International, will be shown at the Geneva Motor Show 2014.

The drive system in MILA Blue is a compressed natural gas hybrid drive that achieves a carbon footprint of less than 49g CO2/km. The combustion engine is coupled with an automatic manual transmission and a belt-driven starter generator. The vehicle’s comparatively light weight allows for the use of a 12 volt electric motor and start-stop system to drive on electric power in stop-and-go traffic and cruising up to 30km/h.

Strong gains in fourth quarter and yearly financial results

Magna International posted its fourth-quarter and 2013 financial results today, reporting sales of $9.17 billion for the quarter. This was an increase of 14 per cent over the fourth quarter in 2012. Magna’s fourth-quarter profit was $458 million, compared to $351 million in 2012. Dividends to shareholders increased by 19 per cent on the strong sales.

Vehicle production increased in North America and in Europe, relative to 2012, as did Asian production sales, tooling, engineering and other sales.

Sales of complete vehicle assemblies rose 20 per cent to $3.06 billion for the year. Volume of complete vehicle assemblies rose 19 per cent over 2012 numbers, to 147,000 units.

“We maintained our solid performance in North America and made further progress in improving profitability in Europe,” Magna chief executive officer Don Walker said in a statement. “Recent investments in Asia have begun to yield returns, even while we continue to invest in the region.”

South America, which is part of Magna’s geographic segment it calls Rest of World, (also including Africa and Asia), remains “challenging” for the company, but is “poised” to begin improving.

Magna calls itself the most diversified automotive supplier in the world, designing and manufacturing everything from auto components to complete vehicles, which it sells to OEMs of cars and trucks around the world.

Did you miss this?

Other Popular Stories

  • Clean technologies for mining: Green Mining's time has come
  • Higher efficiency solar cells within reach
  • Saudis will no longer provide "insurance policy" for high-cost oil producers
  • TransCanada announces $900 million pipeline expansion
  • Canada should ease foreign ownership rules for uranium, says Sask premier
  • TransCanada's Keystone XL pipeline clears last hurdle in $10 billion project as Nebraska approves 3 to 2
  • Canada Goose expanding workforce, launching global ad campaign
  • Ford introduces 180-degree camera in new Galaxy, S-MAX
  • More consultation, less domestic content for Ontario's green energy process
  • Manufacturing slowdown reflects oil and dollar declines
  • World's largest public transit system to be built in only 5 years — in Riyadh, capital of Saudi Arabia
  • Plastics use in cars to nearly double in four years: report
  • Seven electric vehicle trends for 2020 — forecasts, technology, solar and autonomous driving
  • Number of reported pipeline spills in Canada doubled over ten years
  • Aerospace is to Quebec what auto industry is to Ontario, and must be supported: Couillard
  • Magna International posts strong sales gains in third quarter
  • Canada green tech company helps Chile reduce methane in landfills: $7 million project
  • Pipeline companies support new government regulations
  • Detroit-Windsor bridge approval cheered in Canada, US
  • Waterloo showcases new tire devulcanization facility
Scroll to Top