Electrification is a marathon, not a sprint, Magna CEO says
Alexa St. John
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Electrification is accelerating, but it will happen over time, said Swamy Kotagiri, CEO of Magna International. It s not a switch on, switch off type scenario, Kotagiri said during an Automotive News Congress Conversations webcast Thursday. The key lies in how do you develop a strategy that is modular and scalable? We always looked at it as a marathon, have the sustenance to stay in the race rather than try to address it as a sprint.
Kotagiri took the helm of the Canadian supply giant in January. He offered some advice for industry incumbents and new entrants as they navigate various industry trends, especially the shift toward EVs.
Magna aims for carbon neutrality by 2030 pm-review.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pm-review.com Daily Mail and Mail on Sunday newspapers.
Science-based approach aligns with objectives of Paris Climate Accord
Company signs-on as founding sponsor of XPrize Abundant Energy Alliance
AURORA, Ontario, April 22, 2021 (GLOBE NEWSWIRE) Magna enters a new era in the company’s sustainability journey with its announcement to achieve carbon neutrality in its operations by 2025 in Europe and by 2030 globally.
“While sustainability has long been ingrained in Magna’s culture, this decade will be our most decisive yet as we accelerate our efforts to protect the planet for future generations,” said Magna CEO Swamy Kotagiri. “We believe achieving carbon neutrality is both a social responsibility and a business imperative in the fight against climate change. This ambitious – and achievable – goal is rooted in a science-based approach that aligns with the Paris Climate Accord and places us among industry leaders in Europe and North America.”
Magna CEO Explains Why Company Has Good Financial Poerformance businessinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com Daily Mail and Mail on Sunday newspapers.
Magna Tells Investors Sales Expected to Jump More Than $11B by 2023
Sales jumping from $32.6 billion in 2020 to over $43 billion in 2021.
Magna CEO Swamy Kotagiri told investors sales would rise by at least $11 billion in the next few years.
Magna International, one of the world’s largest automotive suppliers expects global sales to hit as much as $45.5 billion in 2023, officials told investors this week.
The company said it expects sales to grow to a range of $43 billion to $45.5 billion in 2023, up from $32.6 billion in 2020. Officials expect global light-vehicle production to grow 6% on average per year from 2020 through 2023, while the company’s annual sales will grow 10-12% on average, per year over that time frame, the annual report indicated.