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.
Chief Executive Officer