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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Magna International Inc | TSX:MG | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.19 | -0.31% | 60.19 | 60.02 | 60.24 | 60.28 | 59.74 | 60.00 | 826,665 | 21:14:57 |
Magna’s Integrated Driver & Occupant Monitoring System, an industry-first solution that integrates an intelligent camera system into the interior mirror to actively detect, predict and react to distracted driving, was one of 13 PACE Award winners out of 33 finalists. Within the mirror is a high‐resolution camera, infrared emitters, and electronic control unit, while advanced software monitors the movement of the driver’s head, eyes and body in real time to detect distracted behavior, drowsiness and fatigue.
In addition to the PACE Award, Magna received two PACEpilot Innovation to Watch recognitions for the company’s EcoSphere™ 100% Melt-Recyclable Foam and Trim and Modular & Scalable Active Grille Shutter Assembly.
"We are proud to be recognized with these prestigious accolades, affirming Magna's ongoing commitment to driving innovation and raising the industry's benchmark,” said Eric Wilds, Chief Sales and Marketing Officer at Magna. “This is a testament to the hard work and creativity of our committed team, who continuously strive to develop new solutions that prioritize safety, sustainability, and efficiency in the automotive industry. The Integrated Driver & Occupant Monitoring System, EcoSphere™ 100% Melt-Recyclable Foam and Trim, and Modular & Scalable Active Grille Shutter Assembly are just a few examples of our team's dedication to pushing the boundaries of what is possible."
Magna was also named a PACE Award finalist for the company’s Thermoplastic Swing Doors, which deliver a lightweight space-frame offering 20-30 percent weight savings compared to steel. The technology enables integration of parts that includes challenging deep draws greater than 230mm and tight radii of only 1mm.
The 29th annual PACE Awards were presented by Automotive News. The competition was open to suppliers that contribute products, processes, materials, or services directly to the manufacture of cars or trucks. The Automotive News PACE Award is accepted around the world as the industry benchmark for innovation.
The 4th annual PACEpilot program, also presented by Automotive News, was open to suppliers and startups that invented products, software/IT systems or processes and idea incubators that have the capacity to transform the automotive industry. The Automotive News PACEpilot program is leading the way in distinguishing global emerging innovators.
INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, 905-726-7035
MEDIA CONTACTTracy Fuerst, Vice President, Corporate Communications & PRtracy.fuerst@magna.com, 248-761-7004
ABOUT MAGNAMagna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 179,000 employees across 342 manufacturing operations and 104 product development, engineering and sales centers spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.
For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d90f25f0-d685-4a4a-a785-6aadfd5c6e16
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