Magna Invests $300 Million On Electric Vehicles And Autonomous Tech

Magna International has announced a series of large research and development investments towards new technologies, including self-driving systems.

This year, the Canadian company will up its R&D spending by $100 million. It will do the same in 2019 and 2020, making for a total of $300 million investments in new tech.

One of Magna’s most significant ventures is a partnership with Lyft to create an autonomous drive system that’s set to control future vehicles from the ride-hailing company. In March, Magna purchased a $200 million equity stake in Lyft, meaning it joins the likes of Bosch and Delphi in developing self-driving technologies for established automakers or ride-hailing firms, Auto News reports.

Magna believes its work with Lyft will increase its development speed of advanced driver-assist systems and real-world self-driving technologies. The knowledge gained from Magna’s work with Lyft will be put to use with other future Magna customers.

Magna has huge production facilities to complement its research and development spending

Speaking of the partnership with Lyft, Magna International chief executive Don Walker said the Canadian company stands out from other firms with autonomous ambitions.

“[The partnership] demonstrates how Magna is uniquely positioned for new mobility relative to our peers, due to our deep systems knowledge across many product lines, our leadership position in vision-based [advanced driver-assistance] systems, our proven ability to auto-qualify new technologies, and lastly, the fact that we’re the only part supplier with complete vehicle design, engineering and assembly capabilities.”

One specific area where funds from Magna’s $300 million investment will be allocated is towards solid-state lidar systems. The firm has invested in remote sensing supplier Innoviz Technologies to develop the systems, and was recently awarded a contract from BMW to provide it with solid-state lidar systems.

Magna is also handling construction of the all-electric Jaguar I-Pace at its production facility in Graz, Austria and is also working on a next-generation electric vehicle architecture with BAIC in China.

more photos...
China’s Chevrolet Onix Redline Detailed, Packs 123HP 1.0L Three-Cylinder

The Onix compact sedan is GM’s first model to be built on its new GEM platform .

This Is How Koenigsegg Created The 300MPH Jesko Hypercar

The paint process alone takes 600-800 hours, so customers will justify spending $3 million on the Jesko.

DMC Gives The RWD Lamborghini Huracan A Body Kit, Calls It The Giro

This tuned Huracan LP580-2 keeps changes to a minimal level, with a few visual add-ons.

Female Uber Drivers In Saudi Arabia Can Request To Have Only Female Passengers

The Kingdom lifted its ban on female driving last June, and Uber is complying with its customers’ wishes.

2019 New York Auto Show: A-to-Z Guide To All The New Car Debuts (Roundup)

Want to know about every new car launching at the 2019 New York Auto Show? Read on.

2020 BMW 4-Series Convertible Gives Us Our First Topless Look

Don’t expect a proper sports car like the BMW Z4, however.

Man Gets Gun Pulled On Him During Scary Road Rage Incident

The road rage incident was caught on two videos taken by the victim and the aggressor.

All Hail The World’s First Battery Electric “Classic” Ford Bronco

EV startup Zero Labs has rebuilt the classic Bronco and gave it a 360hp electric powertrain.

New Ram 1500 EcoDiesel Reportedly Coming Later This Year

The upcoming Ram 1500 EcoDiesel should have a 3.0-liter V6 that produces 260 hp and 442 lb-ft of torque.

Mercedes SUV Boss On Producing The Maybach Ultimate Luxury Concept: “Why Not?”

The Ultimate Luxury Concept won’t hit assembly in the near future, but in the long run, who knows?.