Magna Awarded New High-Voltage eDrive Business With Europe-Based Global OEM

• Coming to market on 2027 model SUVs and sedans
• Enables fast reconnect through new decoupling system
• Power range from 100 kW to 140 kW, optimized for 800V, delivers affordable costs

AURORA, Ontario, May 03, 2023 (GLOBE NEWSWIRE) — Magna is taking electrification to the next level of efficiency and range to help meet evolving customer requirements. Today, the company has announced it has been awarded a high-volume contract with a Europe-based Global Premium OEM to supply its new eDrive system (eDS Mid). The eDrive is planned for 2027 model SUVs/sedans, with production expected to begin in 2026.

“The electrified powertrain technologies of the future are being developed today. We are embracing the challenge to innovate and bring to market scalable technology solutions that our customers require,” said Diba Ilunga, President Magna Powertrain. “This new business marks an important milestone in our electrification strategy as we continue to consistently pursue new innovations and solutions to drive the rapidly growing EV sector forward.

Magna’s eDS Mid is a compact, high-speed e-motor that offers a scalable power range from 100 kW to 140 kW, optimized for 800V. As a high-voltage eDrive system for electric AWD applications, it enables fast reconnecting through a new decoupling system and delivers a highly-efficient inverter with Silicon Carbide (SiC) technology which contributes to best-in-class efficiency, drivability and safety.

It also delivers up to 2,000 Nm of torque and weighs less than 72 kg, delivering less weight and volume in packaging compared to other available products in the market.

Production of the eDrive system will be at the company’s powertrain facilities in Kechnec, Slovakia, and Lannach, Austria, both of which are carbon neutral facilities.

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
[email protected], 905-726-7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
[email protected], 248-761-7004

ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of over 168,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 343 manufacturing operations and 88 product development, engineering and sales centres spanning 29 countries.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b9e46aa-2915-4e6a-b648-211db75f1a3b