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    Michael Glen • Raymond James

    Michael Glen's questions to Magna International Inc (MGA) leadership

    Michael Glen's questions to Magna International Inc (MGA) leadership • Q2 2025

    Question

    Michael Glen from Raymond James asked if the business case for a Magna Steyr complete vehicle assembly plant in North America has evolved. He also inquired about the potential impact on Magna if Detroit 3 OEMs shift towards a 'made-to-order' model.

    Answer

    CEO Seetarama Swamy Kotagiri responded that the criteria for a North American assembly plant—requiring multiple customers and multiple life cycles—has not changed, and there is nothing active on the table. Regarding a 'made-to-order' model, he noted that OEMs are focused on simplifying complexity, which is positive, but he does not foresee such a shift having a significant impact on Magna's product portfolio.

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    Michael Glen's questions to Magna International Inc (MGA) leadership • Q1 2025

    Question

    Michael Glen of Raymond James asked about Magna's exposure to vehicles assembled in Mexico and Canada for U.S. export and the feasibility of reshoring efforts to improve USMCA compliance, considering the sub-tier supply base.

    Answer

    CFO Patrick McCann detailed Magna's sales into the U.S. from Canada (~70% of $4B) and Mexico (~25% of $5.5B). CEO Seetarama Kotagiri explained that reshoring is a complex, long-term process requiring a case-by-case business analysis with customers. The immediate focus is on increasing USMCA compliance through all available means, similar to the supply chain rebalancing seen post-COVID.

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    Michael Glen's questions to Magna International Inc (MGA) leadership • Q4 2024

    Question

    Michael Glen asked for guidance on the "increase in investments, other assets and intangible assets" line item on the cash flow statement for 2025 and a reminder of its main components.

    Answer

    CFO Patrick McCann explained that the largest component is customer-dedicated assembly lines, which are treated as a lower-risk investment recovered through piece price. He stated that after running at an elevated level, this spending is expected to normalize back to the traditional ~$300 million range in 2025, representing a significant year-over-year decrease.

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    Michael Glen's questions to ATS Corp (ATS) leadership

    Michael Glen's questions to ATS Corp (ATS) leadership • Q4 2025

    Question

    Michael Glen of Raymond James Financial inquired about any plans or CapEx allocated for moving manufacturing to the U.S. and whether the company would now consider divesting its EV business following the recent settlement.

    Answer

    CFO Ryan McLeod confirmed there are no material plans or specific CapEx allocated to move production to the U.S. at this time. CEO Andrew Hider explained that the EV business has been right-sized and possesses valuable factory automation capabilities applicable to other opportunities, including reshoring, and therefore the company sees value in retaining it.

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    Michael Glen's questions to ATS Corp (ATS) leadership • Q4 2025

    Question

    Michael Glen of Raymond James asked about any plans or capital expenditures for moving manufacturing to the U.S. and whether the company is considering divesting its EV business now that the major customer dispute is settled.

    Answer

    CFO Ryan McLeod responded that there are no material plans or specific CapEx allocated to move manufacturing to the U.S. at this time, as they are monitoring the long-term trade environment. CEO Andrew Hider explained that the EV business has been rightsized and its core factory automation capabilities can be leveraged for other opportunities, so the focus is on creating value with the business as it is.

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    Michael Glen's questions to ATS Corp (ATS) leadership • Q3 2025

    Question

    Michael Glen from Raymond James inquired about the 3-4 year timeline to achieve the 15% margin target, the feasibility of moving Canadian production to the U.S. to mitigate tariffs, and the backlog and revenue status of the large EV customer under dispute.

    Answer

    Ryan McLeod, Chief Financial Officer, confirmed the 3-4 year path to the 15% margin target is driven by supply chain efficiencies, standardization, and services growth, with most improvement targeted at the gross margin level. He described moving production from Canada to the U.S. as 'complex' in the short term but noted ATS has significant U.S. capacity for long-term flexibility. He also confirmed there was no revenue from the disputed EV customer in Q3 and only a small amount related to paused work remains in backlog.

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