14/09/2018 16:37:37

UPDATE – Racing to the Future: Magna Joins BMW i Andretti Motorsport Formula E Team

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  • The ABB FIA Formula E Championship is the only all-electric racing series
  • Motorsports is an incubator to engineer, test and refine technology
  • Magna to engage with startups, city leaders, universities and consumers during the race stops

SAILAUF, Germany, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Cities around the world increasingly recognize the significance of autonomy, electrification and mobility services to the future of how people live, work and move around in urban centers.  As part of Magna’s commitment to helping shape future mobility, the company announced today it will join BMW i Andretti Motorsport as a primary partner for their Formula E team. 

The ABB FIA Formula E Championship, the only racing series to use all-electric vehicles, takes technology to the streets in cities around the world, some of which are facing complex mobility challenges. The collaboration with BMW i Andretti Motorsport demonstrates Magna’s commitment to making a positive social and environmental impact, from electric and autonomous vehicles to smart cities. 

Magna’s involvement in Formula E marks the most significant engagement with a motorsports team in the company’s history. The rationale is simple – it serves as a real-world opportunity to make a difference.

“Working with BMW i Andretti Motorsport on Formula E is a great fit and one of the many opportunities we are taking advantage of to help ensure we are building the right foundation for the new mobility landscape,” said Swamy Kotagiri, Magna’s CTO. “Formula E is already demonstrating how exciting, thrilling and fascinating electromobility can be.”

Formula E provides a powerful platform to advance Magna’s engagement with startups, city leaders, universities and consumers in city centers. In conjunction with the race schedule, Magna will engage with a broad range of leaders about each city’s specific mobility challenges. Paired with existing research, these first-hand conversations will inform future development and collaboration on mobility solutions.

Pieter Nota, Member of the Board of Management of BMW AG, Sales and Brand BMW, said: “BMW stands for innovation leadership and we are pioneers when it comes to electromobility. As ‘Official Vehicle Partner’, we’ve been involved with Formula E from the start, in order actively to help shape the series. BMW i and Formula E share the same values: pioneering spirit and innovation. We are looking forward to the new season, together with Magna.”

Season 5 begins with a race in Saudi Arabia on December 15, 2018, and runs through July 2019 with stops in Hong Kong, Paris and New York City, among other locations around the world. Stay up-to-date on the team’s drivers, schedules, and race season by visiting www.magna.com/formula-e.

TAGS

Formula E, racing, BMW i, electric vehicles, motorsports, mobility, smart city, BMW iFE.18

INVESTOR CONTACT

Louis Tonelli, Vice-President, Investor Relations

louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACTS

Tracy Fuerst, Global Director of Corporate Communications & PR

tracy.fuerst@magna.com, 248.631.5396

Rej Husetovic, Director Corporate Communications & Media Relations Europe

rej.husetovic@magna.com, (+49) 6093 9942-5056

ABOUT MAGNA

We have more than 173,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world's largest automotive suppliers with 339 manufacturing operations and 93 product development, engineering and sales centres in 28 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. 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

.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/348ae4c7-cc34-4e80-b6e0-15925c5f615e

Magna-Logo-RGB-HR-V1.0.jpg

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