Magna commits to reaching net-zero emissions by 2050, will run 100% renewable energy by 2030
Alongside targets outlined in the Paris Climate Agreement, Magna International has submitted goals to be validated by the Science Based Targets initiative (SBTi) to reach net-zero carbon emissions by 2050. En route to that target, the global contract manufacturer had introduced several near-term sustainability goals.
Magna International is a global automotive contract manufacturer that currently reigns as the largest in North America and the fourth largest on the planet. It currently operates 341 production and assembly facilities across North America, Europe, Asia, South America, and Africa – and is only getting bigger.
In the last year alone, Magna has committed close to $1 billion toward the expansion of its North American operations, including $470 million in Canada, where it’s globally headquartered, in addition to another $500 million in Michigan, where its US headquarters sits.
The company also committed nearly $800 million to the state of Tennessee to build a new manufacturing plant in Ford’s BlueOval City. Such massive footprints of manufacturing around the world come with their fair share of carbon emissions, something Magna International has previously recognized and worked to offset.
Today, however, Magna has submitted a clear timeline for its journey to net-zero emissions.
Magna targets net-zero emissions worldwide
Magna International has submitted the following net-zero targets to the SBTi for validation: reach net-zero emissions worldwide by 2050, reduce about 42% of the company’s Scope 1 and Scope 2 emissions, and 35% of Scope 3 emissions by 2030. Per Magna CEO Swamy Kotagiri:
Magna has focused on creating a better world of mobility, and the company’s pursuit of net-zero emissions reflects this commitment. To reach this ambitious target, we are addressing not only the emissions we produce within our own facilities but also those of our entire supply chain, while supporting the industry move to low-carbon mobility technology. By embracing sustainable practices, shifting to renewable energy sources, making our manufacturing processes more efficient and partnering with our customers in the transition to electric vehicles, we want to make a positive impact on the planet and future generations.
In addition to setting net-zero goals, Magna has committed to having all its European operations running on 100% renewable energy by 2025 and worldwide by 2030. Magna says it will require a lot of education and effort across its entire staff, Rolodex of partners, and customers to truly tackle climate change, but the company has contributed to discussions to help keep the conversation going, like the Suppliers Partnership for the Environment (SP), for example. SP is an open forum created to promote collaboration across the global automotive supply chain, including automakers, suppliers, the US EPA, and other governments. Per SP director Kellen Mahoney:
Collaboration is a key driving force that is propelling the automotive industry towards a sustainable future. Magna’s unwavering commitment and dedication to creating a greener planet is not only commendable but, as one of the world’s largest automotive suppliers, presents an opportunity for even greater collaboration to help shape a future where sustainable practices become the industry standard.
This year, Magna says it remains on track to achieve a previous commitment of reducing global energy intensity by 10% in all manufacturing facilities and is still aiming to further reduce that number to a 20% reduction by 2027. In the last two years alone, 30 Magna divisions have achieved carbon neutrality.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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