Magna Seeks Tech Cred as Tesla, Google Encroach on Auto Industry
- Newly acquired unit focuses on driver assistance, diagnostics
- Tesla’s market value is ‘mind boggling,’ Magna CEO says
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The head of Magna International Inc. says investors who’ve been dumping shares in North America’s second-largest auto parts maker are overlooking a burgeoning growth driver at the Canadian company -- technology.
Magna stock has slumped 31 percent over the past 12 months to a market value of about C$19.5 billion ($15 billion). That’s left the company, which employs about 129,000 people in more than 300 plants from Germany to China, the most undervalued among its global peers, according to data compiled by Bloomberg.