Magna Provides Engineering Expertise To New Automaker VinFast

  • Complete vehicle development for two models
  • Advanced engineering methods reduce development time to 12 months
  • Vehicles will be built at the VinFast production plant in Haiphong, Vietnam

SHANGHAI, China, March 29, 2018 (GLOBE NEWSWIRE) -- Asia represents one of the strongest growing automotive markets in the world, and Magna has further strengthened its presence in the region through a cooperation agreement to provide complete vehicle engineering and development services for VinFast Manufacturing and Trading Company Limited of Vietnam.Magna's complete vehicle team has responsibility for the full vehicle development of two new VinFast models, an SUV and a sedan. By using validated virtual engineering methods, Magna is able to support development of the vehicle platform in only 12 months."This is a great example of how our experience with complete vehicles positions us to support new entrants in the automotive industry," said Günther Apfalter, President Magna International Europe & Magna Steyr. "We are pleased to use our unique capabilities as a full-service mobility technology company to help VinFast create vehicles which meet and exceed global standards."In addition to complete vehicle development, the scope of the project includes a feasibility study, testing and validation of the vehicles, and support through the vehicle launch process. The vehicles will be built at the new VinFast production plant in Haiphong, a major port city in northeastern Vietnam.The first two VinFast models will be introduced at the Paris Motor Show in October 2018, which will also mark the debut of the VinFast brand on the international stage.
Magna complete vehicle engineering
Magna will provide complete vehicle engineering and development services to VinFast Manufacturing and Trading Company Limited of Vietnam.Magna's complete vehicle team has responsibility for the development of two new VinFast models, an SUV and a sedan.

TAGSVinFast, complete vehicle manufacturing, contract manufacturing, contract engineering, Magna Steyr

INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, 905.726.7035

MEDIA CONTACTSTracy 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 MAGNAWe have more than 168,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world's largest automotive suppliers with 335 manufacturing operations and 96 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 http://www.globenewswire.com/NewsRoom/AttachmentNg/e8f2440b-b65d-47cd-a81c-7d1e49e1e7c7

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