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Magna Wins 2020 PACE Award for Composite Space Frame Liftgate Reinforcement

Written by Customer Service on . Posted in Public Companies.

Lightweight solution debuted on the 2020 Toyota SupraComposite reinforcement enables 10 percent mass reductionFirst application of composite space frame for automotive liftgateAURORA, Ontario, April 28, 2020 (GLOBE NEWSWIRE) — Magna’s composite space frame liftgate reinforcement solution, which debuted on the Toyota Supra, has earned a 2020 Automotive News PACE Award. The award is Magna’s fourth PACE Award in the last six years. The space frame is the first composite application of its kind for an automotive liftgate and achieves a 10 percent mass savings over a steel version.“Innovative lightweight solutions, such as this composite space frame, are integral in helping automakers meet sustainability goals, including reduced emissions and improved fuel economy,” said Magna Exteriors President Grahame Burrow. “With ongoing requirements for design freedom in larger, lighter modules, we see strong growth for advanced plastics and composites to shape future mobility.  We thank Automotive News and its judges for honoring us with this prestigious award.”The composite space frame is a tubular frame made of a foam core that is then wound with continuous glass fiber and infused with a polyurethane thermoset resin. Magna is investigating additional opportunities for this technology, such as side door modules, and other material innovations to help automakers meet their mass reduction and design goals. The space frame liftgate reinforcement solution was developed at Magna’s exteriors facility in Liberec, Czech Republic. Magna’s exteriors group produces the Toyota Supra liftgate module, including the space frame reinforcement, and delivers it to Magna’s complete vehicle manufacturing group in Graz, Austria, where the entire vehicle is assembled.IHS Markit estimates 62 percent of the world’s vehicles have liftgates with a small percentage currently being made of plastic. “This is one of the fastest growing products in Magna, and we expect this to continue as automakers seek more innovative lightweight solutions,” added Burrow.The Automotive News PACE Awards, in their 26th year, are given to suppliers for game-changing product and process innovations that have succeeded in reaching the market. Winners were determined by an independent panel of judges and announced through a virtual celebration due to the current COVID-19 pandemic.TAGS
Composites, liftgates, automotive exteriors, innovation, designINVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, 248.631.5396ABOUT MAGNA
We are a mobility technology company. We have more than 165,000 entrepreneurial-minded employees and 346 manufacturing operations and 94 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Magna also has electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.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.Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/1b4df640-a4d7-4330-af29-6b90370ea121https://www.globenewswire.com/NewsRoom/AttachmentNg/0ecc3835-824e-4046-83ed-1a437e4a6834

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