Achieving net-zero emissions also includes transitioning to 100% renewable electricity globally by 2030, Magna said.
The new application contributes significantly to increasing electric driving range, according to Magna.
Magna says the transaction is aligned with its Go-Forward strategy of accelerating investments in high-growth areas.
The new manufacturing plant in Mexico will produce electric powertrain components for General Motors starting in 2023.
Sales and Adjusted EBIT came in ahead of expectations in the fourth quarter of 2021, as vehicle production was better than forecasted, says Magna’s CEO Swamy Kotagiri.
The company reported record sales of $10.4 billion, up 12 percent from the fourth quarter of 2016.
The programs will run sequentially with purchases under the first program taking place between Nov. 24 and Dec. 29, subject to a maximum of 1.472 million common shares.
Magna International Inc., in cooperation with the U.S. Department of Energy and partners FCA US and Grupo Antolin, has developed a new, ultra-light door architecture that achieves the project objective of 42.5 percent mass savings compared to an average current production door.