The 60-year-old startup: How Magna stays agile in a fast-changing industry

Speaking of Business with Goldy Hyder

Canada’s Magna International is a $40 billion company that employs more than 158,000 people in 28 countries. Yet in the eyes of its CEO, it’s really “a 60-year-old startup”.

“We are still a startup because we are in a $3 trillion industry and it's changing,” says Swamy Kotagiri. “Every time there is change, there is opportunity.”

The Aurora, Ont.-based auto parts manufacturer knows it has to stay nimble to keep pace with the evolving needs of the industry. That’s especially true when it comes to the development of electric and autonomous vehicles.

Kotagiri points to Magna’s “rich heritage of innovation” as the foundation of its extensive research and development activities. But the company also maintains a raft of partnerships with universities, research institutions and fledgling companies.

It’s a “symbiotic relationship”, he says. “They bring the idea, they bring the fundamental science, the tech or the concept. We can take that and find the right application.”

So what can customers expect from Magna when it comes to next-generation electric vehicles?

“I am very optimistic about the next steps that the industry will go through,” Kotagiri says. “This is just the beginning -- and the right beginning.”

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