Magna will build Chevy Silverado EV battery cases
EV. The news is certainly no surprise to anybody who follows GM's electrification efforts, but it's noteworthy nonetheless.
"The accelerating shift toward vehicle electrification opens up exciting growth opportunities for Magna beyond powertrain," said John O’Hara, president of Magna’s body and chassis group."We have been able to leverage our expertise to supply battery enclosures – a product for which we see strong potential going forward.
Magna reported last Friday an 80% fall in quarterly profit and warned of more pressure on its margins from volatile production schedules at automakers and elevated costs. The auto parts maker's U.S.-listed shares were down 13.7% and on track for its worst day in nearly three years. Chip shortages, lost production and rising raw material costs have weighed on auto suppliers and auto executives say some of the pressures are expected to persist this year amid a looming recession. added it expects the global light vehicle market to be up about 2% in 2023, with volumes in North America and Europe — its two largest markets — to remain well below 2019 levels.
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