Magna CEO: EVs will bring forth a flood of new ideas Rethinks

TRAVERSE CITY (Mich.) — Electric vehicles are causing major changes in the automotive industry. It will bring new innovation to the way that autos are manufactured and companies approach their operation.Magna InternationalChief Executive OfficerSwamy KotagiriAn industry audience was informed Wednesday.

Kotagiri stated that “mobility is changing fast, at an exponential rate, faster than ever,” kicking off the annual conference of the Center for Automotive Research.Management SeminarsHere.

It is clear that four revolutions simultaneously are shaping the future of cars: electrification and autonomy as well connectivity, mobility as a services, or new mobility.

He said that getting there would cause automobile manufacturers to ask new questions about their business.

Kotagiri was a veteran Magna executive who assumed the CEO role on January 1. With North America’s biggest auto supplier, the Canadian firm has a revenue forecast of $32.65 Billion in 2020 (all numbers are in US dollars).

Magna made the announcement last monthIts acquisition of VeoneerIn the automation sector of driver-assistance, $3.8 billion cash. Magna will be adding new products to its already extensive portfolio, which includes door hinges and body stampings as well as electric drives and vehicle assembly.

Kotagiri stated that new technology will allow for new questions over the coming years.

He said that advances in battery technology were transforming electric vehicle economics by adding increased driving range to lower prices and operating costs. This is really redefining the possibilities for the future.

Magna does not work in the battery industry. The CEO stated that the technology shift would “allow us” to see a different future, one which will require us to take a greater role in the automotive ecosystem.

According to him, companies are likely to assume that innovation will be in the areas of electric motors and battery technology.

He said, “But, I believe the answer could have been a little wider and larger.”

If the question is “How can we reduce greenhouse gas emissions from transportation?” You might end up on a completely different path, with a lot of questions. You’re now measuring the carbon emitted by minerals during mining, which is essential for battery production.

He said, “Now you are starting to understand that electric cars require a lot of energy than a conventional one.” You might look at the energy mix of your vehicle, including whether it is using thermal, solar, renewable or nuclear energy. This is not only about tailpipe emissions, but the whole footprint.

This type of thinking can lead to many new inventions.

Publiated at Wednesday, 4 Aug 2021 18:36:11 +0000

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