Skip to main content

Latest

rob magazine
Why Martinrea looks shiny next to its much larger auto parts rivals
An engine block on display at the Martinrea International head office in Vaughan, Ont., is photographed on Wednesday, April 14, 2021.
inside the market
Monday’s analyst upgrades and downgrades
Employees at Magna Closures Dortec Industries in Markham Feb 19, 2013. in one word: China. The Magna International Inc. plant in Newmarket, Ont., had been around since 1985, making door latches for cars, trucks and minivans. Latches take a lot of work to put together, they're easy to package and can be easily shipped anywhere around the world, so Magna's customers wanted the Canadian auto parts giant to open a plant in China to keep costs in check. Magna complied with the requests and opened a latch plant in Kunshan in 2001. But it kept Dortec open as well. The boom in North American auto production in the first half of the 2000s ensured there was enough work to go around, and the plant was even able to generate higher profits than the average Magna factory. By 2006, however, the business was being battered by soaring commodity prices and demands by the auto makers for price cuts. Executives at Magna Closures Inc., which oversees both the Newmarket and China operations, turned for help to a retired Toyota Motor Corp. vice-president to teach the company how to develop a first-rate manufacturing system. Seven years later, Dortec is at the head of the class. It is also defying the notion that low-cost countries have sounded the death knell for manufacturing in Canada - so much so that side-door latches assembled in Newmarket are shipped from "high-cost" Canada to auto makers in China, Thailand and other low-cost regions.(Moe Doiron/The Globe and Mail)
report on business
Magna International reports Q1 profit down from year ago, sales up 11 per cent
General view of Magna's annual general meeting in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
opinion
Magna executives pay no price for Russian misadventure
David Milstead
report on business
Magna CEO’s compensation grows to US$28-million owing to ‘transformational’ stock grant
Magna Names Seetarama (Swamy) Kotagiri Chief Executive Officer
report on business
Magna to invest more than $470-million to expand operations across Ontario
A general view of Magna's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
inside the market
Market movers: Stocks that saw action on Friday - and why
Fresh nuts, bolts and fittings are ready to be added to the east leg of the pipeline near St. Ignace as Enbridge prepares to test the east and west sides of the Line 5 pipeline under the Straits of Mackinac in Mackinaw City, Mich., on June 8, 2017.
report on business
Magna shares down almost 15% as fourth-quarter results hit by production volatility, costs
Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
report on business
Magna International says its margins for 2022 will be lower than expected
Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
inside the market
Nine Canadian fund managers offer their best portfolio advice - and top picks - for 2023
The S&P TSX composite index screen at the TMX Market Centre in downtown Toronto is photographed on Friday, November 11, 2022. Canada's main stock index was down nearly 200 points, as losses in the energy and base metal sectors helped lead a broad-based decline, while U.S. stock markets also fell in late-morning trading. THE CANADIAN PRESS/ Tijana Martin
report on business
Auto parts maker Magna buys Veoneer division for US$1.5-billion in advanced driving technology expansion
A Magna International Inc. sign is silhouetted at the company's annual general meeting in Toronto on Friday, May 10, 2013.THE CANADIAN PRESS/Nathan Denette
report on business
Canadian auto parts maker Magna to buy Veoneer’s active safety business for US$1.525-billion
Magna International Inc. posted a loss in its most recent quarter as it recorded non-cash impairment charge related to its investment in Russia. The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013.  THE CANADIAN PRESS/Nathan Denette
inside the market
Wednesday’s analyst upgrades and downgrades
Workers put engines on the frame as Ford Motor Co. fuel powered F-150 trucks under production at their Truck Plant in Dearborn, Michigan on Sept. 20.
report on business
Magna reports lower-than-expected quarterly profit as costs bite
FILE PHOTO: Magna logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File Photo
report on business
Magna International reports US$364-million first-quarter profit, cuts outlook for full year
General view of Magna's annual general meeting in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
inside the market
Tuesday’s analyst upgrades and downgrades
Workers assemble Mercedes-Benz AG G-Class automobiles on the production line at the Magna International Inc. plant in Graz, Austria, on Thursday, Dec. 3. 2015.
inside the market
Magna is rebounding. But it may be best to watch from the sidelines
FILE PHOTO: Magna logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File Photo
report on business
Magna to idle Russian operations in response to Ukraine invasion
Magna logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. Wolfgang Rattay/REUTERS
report on business
Auto parts maker Magna sees initial hit from border bridge blockade
The Magna International Inc., sign is shown at the company's annual general meeting in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
inside the market
Three stock picks from Matco Financial’s Anil Tahiliani
Close-up financial trading chart on digital LCD disply
rob magazine
For Magna chief Swamy Kotagiri, the future looks positively electric
Swamy Kotagiri is the first CEO to take over at Magna in the post–Frank Stronach era in an age of rapid adoption of electric vehicles, Sept 2021
international business
Veoneer sticks with Magna offer after Qualcomm’s revised bid; shares edge down
FILE PHOTO: Jan Carlson, CEO of Veoneer, Inc., watches as his company's stock begins trading on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 2, 2018. REUTERS/Brendan McDermid/File Photo
international business
Talks set as Qualcomm tops Magna bid for Swedish auto-parts maker Veoneer
A sign of Qualcomm is seen at the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai
report on business
Global semiconductor chip shortage forces Magna to cut revenue forecast
The Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc. is planning to expand its global manufacturing capacity to North America as it focuses on electric vehicle production. THE CANADIAN PRESS/Nathan Denette
report on business
Magna buying Sweden’s Veoneer for US$3.8-billion in drive to become global leader in smart cars
The Magna International logo is seen at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc.'s second-quarter profit fell 28 per cent to US$452 million as the auto parts maker experienced lower operating margins and higher expense items compared with last year. THE CANADIAN PRESS/Nathan Denette
inside the market
Canadian auto parts makers give investors a chance to bet on North America’s economic reopening
The Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc. is planning to expand its global manufacturing capacity to North America as it focuses on electric vehicle production. THE CANADIAN PRESS/Nathan Denette
inside the market
What every Canadian investor needs to know today
In this photo provided by the New York Stock Exchange, specialist Meric Greenbaum, right, works at his post on the floor, Monday May 3, 2021. Stocks were solidly higher Monday, and investors cheered a strong dose of positive earnings reports as well as economic data that showed the U.S. economy is growing. (Courtney Crow/New York Stock Exchange via AP)
investor newsletter
Foreign interest in Canadian equities continues to surge. Plus, the latest bets against TSX stocks and the rise of Dogecoin
The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim
inside the market
Magna shares on a roll amid industry shift to electric vehicles
The Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. Magna International Inc. is planning to expand its global manufacturing capacity to North America as it focuses on electric vehicle production. THE CANADIAN PRESS/Nathan Denette
report on business
Magna’s fourth-quarter profit surges on rebound in vehicle sales from pandemic lows
The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
international business
Israeli EV company REE going public with $3.6-billion blank-cheque deal
Mans hand inserting charger plug into electric car in green environment background. New energy vehicle, NEV is being loaded with electricity power. Ecology, modern day cars
report on business
Magna to develop driver-assistance system with Fisker for electric Ocean SUV
New Fisker Ocean vehicle is seen in this undated handout photo. Fisker Inc/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES
report on business
Magna to form joint venture with LG Electronics to build electric car components
The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette
inside the market
Market movers: Stocks that saw action on Friday - and why
In this June 29, 2018, file photo, pipeline used to carry crude oil is shown at the Superior terminal of Enbridge Energy in Superior, Wis.
report on business
Magna beats profit estimates and raises sales outlook as automakers ramp up production
Magna reported quarterly results on Friday.
report on business
Departing Magna CEO has earned hundreds of millions since 2005
The Magna International Inc., sign is shown at the company's annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette