MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
Focused on the Road Ahead.
For more than 65 years our heritage of innovation, core values and vision have kept us on a stable, steady course. I am excited about the future and the opportunity to continue increasing shareholder value as we extend our unique capabilities, manufacturing expertise and systems-level approach in a dynamic industry. We are operating from a position of strength, pushing the boundaries of innovation, and winning business in the new era of electrification, autonomy and new mobility.
Swamy Kotagiri
Chief Executive Officer
Looking back on 2022, the global economy faced well-documented headwinds including sharply higher inflation, rising interest rates, geopolitical risks, and slowing economic growth, which are continuing into 2023 and have moderated automotive market volumes. During this period, we have remained laser focused on driving operational improvements, working with our valued customers to recover inflationary costs, and – most importantly – executing on our strategy to deliver long term value.
I am optimistic about the future and grateful to lead an extraordinary team that embraces challenge and seizes the opportunities before it. Stakeholders know we can be counted on to build enduring value as we maximize our potential and drive prosperity.
We will continue to invest in the future of mobility utilizing our disciplined approach and solid financial footing. This allows us to see beyond short-term industry dynamics and match the pace of change. We are committed to executing our Go-Forward strategy of accelerating deployment of capital toward high-growth areas, driving operational excellence to increase efficiencies and unlocking new business models and markets.
Charting the roadmap to better mobility is helping us grow in megatrend areas and carve out new opportunities to contribute to a safer and more sustainable world. We are capitalizing on the dramatic shifts in the industry with new investments bolstering our capabilities to continue to meet the needs of the market.
I am optimistic about the future and grateful to lead an extraordinary team that embraces challenge and seizes the opportunities before it. Stakeholders know we can be counted on to build enduring value as we maximize our potential and drive prosperity.
Swamy Kotagiri, Magna CEO
Our pending acquisition of the Veoneer Active Safety business is a good example. Once the transaction is complete it will establish Magna as one of the top ADAS providers in the world. This investment not only brings us a portfolio of complementary products and better customer diversification it also gives Magna a more balanced footprint in an ADAS market that some experts project to grow to $50 billion by 2030.
Magna is also entering the fast-growing micromobility and battery-swapping sectors through an investment and partnership with Yulu, India’s largest shared electric micromobility company. Yuma Energy, a joint venture between Magna and Yulu, will help redefine urban mobility in emerging markets and contribute to a more sustainable future.
Most importantly, everyone in our company shares a common purpose: To advance mobility for everyone and everything, responsibly. We accomplish this with the Power of Magna – our deep product expertise across almost every area of the vehicle and complete vehicle know-how. Our new and existing customers can depend on us to provide highly integrated system solutions like no one else in the industry.
As always, I thank you for your confidence in Magna. We will continue to deliver on our promise to shareholders in 2023 and beyond, as our company of entrepreneurial-minded employees help lead the way to new mobility.
Sincerely,
Swamy Kotagiri
Chief Executive Officer