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Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for Q2 2024 with sales of $11B, essentially unchanged from the second quarter of 2023, which compares to a 2% increase in global light vehicle production, including 6% and 1% higher production in China and North America, respectively. This was partially offset by 5% lower production in Europe. AutoInformed* notes that Magna’s challenge as a global diversified supplier to automakers going forward is adopting to and making money from the delay, elimination or reduced volumes in larger automaker EV programs while retaining or increasing sales from the now extended life of vehicles with internal combustion engines and their potential freshening and updates with increased content that this likely entails.
“Overall, our second quarter operating performance largely met our expectations, despite lower than anticipated volumes on certain key vehicle programs in North America. Our focus remains on factors we can control, including operational excellence, cost reductions, and flawless launches. These efforts, together with ongoing customer commercial discussions are enabling us to substantially maintain our 2024 Adjusted EBIT margin range,” said Swamy Kotagiri, Magna’s Chief Executive Officer. Continue reading
Honda 1964 RA272 F1 Car to Lap Laguna Seca Historic Races
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American Honda Motor said today that to celebrate the 60th Anniversary of its first F1 Race Entry that during Monterey Car Week on August 14-17the RA272 racer will lap the Laguna Seca Historic Races. Today is the 60th anniversary of Honda’s F1 debut at the 1964 German Grand Prix. The V12-powered Honda RA272 first won at the 1965 Mexico Grand Prix in November as the first race car from a Japanese automaker to win a Formula 1 race. Los Angeles born driver Richie Ginther was at the wheel. Powered by a transverse-mounted 1.5-liter V12 engine capable of 13,000 rpm, RA272 ran most recently at the Goodwood Festival of Speed 2024 (July 11-14) piloted by Miyagi-san and current F1 race driver Yuki Tsunoda. (read AutoInformed.com on: Honda Racing has a New UK Formula One Base)
“Soichiro Honda, a former racer himself, believed in competition as a means to improve his company, its engineers and its products. A key example of the Honda ‘Challenging Spirit’ in action, racing is ingrained in the corporate culture of Honda, more than any other automaker. Throughout its history, on two wheels and four, Honda has raced and won at the highest levels of motorsports all over the world,” Honda said in a press release. Continue reading →