Magna to build MINI Sports Activity Vehicle for BMW Group
AURORA, ON, Dec. 7, 2007 -- Magna International Inc. confirmed that, as announced by BMW Group earlier this week, its Magna Steyr unit will be responsible for serial development and production of the MINI Sports Activity Vehicle (SAV). At current exchange rates, Magna expects its annualized sales associated with the program to be in excess of US $1 billion, once the program reaches full production. The MINI SAV will be the second new vehicle program produced by Magna Steyr for BMW Group. Magna Steyr has been the sole production source of the BMW X3 since the launch of the vehicle in 2003, and expects to continue to produce the X3 until the end of the current vehicle program.
Siegfried Wolf, Magna's co-Chief Executive Officer stated: "This is a huge recognition of the work that Magna Steyr has achieved so far through its partnership with BMW Group. Above all, I'm delighted for our employees, as this will allow us to set another milestone in our long-running and successful cooperation with BMW Group. As we have done before, we will work on this vehicle program with our fullest commitment to ensure that we meet BMW Group's high expectations."
We are the most diversified automotive supplier in the world. We design, develop and manufacture automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.
We have approximately 83,000 employees in 240 manufacturing operations and 62 product development and engineering centres in 23 countries.