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Magna (MGA), Cartken Tie Up for Fully Autonomous Delivery Robots
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Magna International (MGA - Free Report) and the autonomous robotics company, Cartken, recently inked an agreement. Per the deal, MGA will manufacture Cartken’s autonomous delivery robot fleet to cater to the booming demand for last-mile delivery.
The manufacture of Cartken’s Model C robots has begun at a Magna facility in Michigan. There are plans to elevate the yield over the next few months and include additional autonomous delivery models based on the same platform for different use applications and robot-as-a-service business models.
Cartken’s Model C is a fully autonomous delivery robot. It is equipped with a remote monitoring and teleoperation system that permits instant human override if needed. The robots can function indoors and outdoors, and the multiple cameras ensure response in real-time through machine learning and simultaneous localization and mapping-based navigation algorithms.
At present, the robots are in commercial use, providing service in malls, hotels, universities, retail and warehouses globally. The collaboration will expand this footprint further. Under the present terms of the agreement, San Francisco-based Cartken anticipates thousands of autonomous delivery robots to be produced.
The partnership, leveraging Magna’s know-how in automotive mobility and advanced technologies, is a step toward offering sustainable and cost-effective solutions for last-mile delivery challenges. It will benefit both companies in scaling up their respective businesses.
In recent years, the auto industry has seen a mad race to transition to all-electric models. Magna, being a top-brass manufacturer, has followed suit. Its intensive focus on developing a wide range of products, from electrified power trains and battery enclosures to advanced driver assistance systems (ADAS), has spurred its long-run growth.
Magna looks poised to capitalize on the trend in e-powertrains as it has significant content on EVs that are launching this year. For instance, it has more than $3,500, $2,000, $1,000, $500 and $900 in content on Cadillac LYRIQ, F-150 Lightning, BMW iX, XPeng SUVs and NIO ES7, respectively. Notably, MGA seeks to achieve more than $2 billion in managed powertrain electrification sales by 2024 on the back of high demand for eDrive systems, hybrid DCTs and other products related to hybridization.
The LG Magna e-Powertrain, a joint venture between Magna and LG Electronics, launched in July 2021, has been a noteworthy and important step in the electrified powertrain space. Magna seeks to generate significant sales growth over the next few years.
Also, MGA’s sharp focus on developing ADAS technology offers ample growth visibility. It envisions ADAS business sales to witness a compound annual growth rate (CAGR) of around 20% from 2021-2024. In January, Magna brought in more than 120 employees of Optimus Ride, a provider of autonomous vehicle and mobility solutions, to strengthen its ADAS capabilities.
In May, it teamed up with Blackberry (BB - Free Report) to develop next-generation ADAS solutions for automakers. Magna leverages Blackberry’s QNX software, including the QNX Software Development Platform, QNX Platform for ADAS, QNX OS for Safety and professional engineering services for solution validation, system-level integration and performance optimization.
Magna is a top player in the domain of automobility, producing a massive number of vehicles across a range of different models. It is already riding on the strength of its portfolio and the changing dynamics of the auto industry. The latest collaboration adds another feather to Magna’s cap.
BorgWarner has an expected earnings growth rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.7% upward in the past 30 days.
BorgWarner’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.5% in the past year.
LCI Industries has an expected earnings growth rate of 68.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
LCI Industries’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. LCII pulled off a trailing four-quarter earnings surprise of 26.48%, on average. The stock has declined 9.8% over the past year.
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Magna (MGA), Cartken Tie Up for Fully Autonomous Delivery Robots
Magna International (MGA - Free Report) and the autonomous robotics company, Cartken, recently inked an agreement. Per the deal, MGA will manufacture Cartken’s autonomous delivery robot fleet to cater to the booming demand for last-mile delivery.
The manufacture of Cartken’s Model C robots has begun at a Magna facility in Michigan. There are plans to elevate the yield over the next few months and include additional autonomous delivery models based on the same platform for different use applications and robot-as-a-service business models.
Cartken’s Model C is a fully autonomous delivery robot. It is equipped with a remote monitoring and teleoperation system that permits instant human override if needed. The robots can function indoors and outdoors, and the multiple cameras ensure response in real-time through machine learning and simultaneous localization and mapping-based navigation algorithms.
At present, the robots are in commercial use, providing service in malls, hotels, universities, retail and warehouses globally. The collaboration will expand this footprint further. Under the present terms of the agreement, San Francisco-based Cartken anticipates thousands of autonomous delivery robots to be produced.
The partnership, leveraging Magna’s know-how in automotive mobility and advanced technologies, is a step toward offering sustainable and cost-effective solutions for last-mile delivery challenges. It will benefit both companies in scaling up their respective businesses.
In recent years, the auto industry has seen a mad race to transition to all-electric models. Magna, being a top-brass manufacturer, has followed suit. Its intensive focus on developing a wide range of products, from electrified power trains and battery enclosures to advanced driver assistance systems (ADAS), has spurred its long-run growth.
Magna looks poised to capitalize on the trend in e-powertrains as it has significant content on EVs that are launching this year. For instance, it has more than $3,500, $2,000, $1,000, $500 and $900 in content on Cadillac LYRIQ, F-150 Lightning, BMW iX, XPeng SUVs and NIO ES7, respectively. Notably, MGA seeks to achieve more than $2 billion in managed powertrain electrification sales by 2024 on the back of high demand for eDrive systems, hybrid DCTs and other products related to hybridization.
The LG Magna e-Powertrain, a joint venture between Magna and LG Electronics, launched in July 2021, has been a noteworthy and important step in the electrified powertrain space. Magna seeks to generate significant sales growth over the next few years.
Also, MGA’s sharp focus on developing ADAS technology offers ample growth visibility. It envisions ADAS business sales to witness a compound annual growth rate (CAGR) of around 20% from 2021-2024. In January, Magna brought in more than 120 employees of Optimus Ride, a provider of autonomous vehicle and mobility solutions, to strengthen its ADAS capabilities.
In May, it teamed up with Blackberry (BB - Free Report) to develop next-generation ADAS solutions for automakers. Magna leverages Blackberry’s QNX software, including the QNX Software Development Platform, QNX Platform for ADAS, QNX OS for Safety and professional engineering services for solution validation, system-level integration and performance optimization.
Magna is a top player in the domain of automobility, producing a massive number of vehicles across a range of different models. It is already riding on the strength of its portfolio and the changing dynamics of the auto industry. The latest collaboration adds another feather to Magna’s cap.
Zacks Rank & Key Picks
MGA carries a Zacks Rank #3 (Hold), currently.
Better-ranked players in the auto space include BorgWarner (BWA - Free Report) and LCI Industries (LCII - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BorgWarner has an expected earnings growth rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.7% upward in the past 30 days.
BorgWarner’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.5% in the past year.
LCI Industries has an expected earnings growth rate of 68.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
LCI Industries’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. LCII pulled off a trailing four-quarter earnings surprise of 26.48%, on average. The stock has declined 9.8% over the past year.