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Magna is expanding into the fast-growing micromobility market by investing $77 million in Yulu, India?s largest electrified shared mobility provider, and creating a battery-swapping service company.
Magna has added more than 120 employees of Optimus Ride, a provider of autonomous vehicle and mobility solutions located in Boston, to enhance Magna?s capabilities in the field of advanced driver assistance systems
Magna is continuing its growth in Eastern Europe through the expansion of its seating production capabilities in Serbia. The company celebrated the grand opening of the new plant in the southern Serbian city of Aleksinac. The new plant will produce seat trim covers and leather kits for a European automaker.
Magna has signed an agreement to acquire majority ownership of Honglizhixin (HLZX), a leading seat supplier to Chinese automakers. It will strengthen Magna’s competitiveness through increased vertical integration, additional 10 manufacturing sites, and full engineering and testing. The majority of HLZX’s plants are also vertically integrated with just-in-time seat assembly and delivery, structures, foam, and trim capabilities that enable an optimal sourcing solution for automakers versus sourcing from multiple suppliers.