Magna  confirmed that, as announced by BMW Group earlier this week, its Magna Steyr unit will be responsible for serial development and production of the Mini Sports Activity Vehicle (SAV).
 
At current exchange rates, Magna expects its annualized sales associated with the program to be in excess of US $1 billion, once the program reaches full production. The Mini SAV will be the second new vehicle program produced by Magna Steyr for BMW Group. Magna Steyr has been the sole production source of the BMW X3 since the launch of the vehicle in 2003, and expects to continue to produce the X3 until the end of the current vehicle program.

Siegfried Wolf, Magna's co-Chief Executive Officer stated: "This is a huge recognition of the work that Magna Steyr has achieved so far through its partnership with BMW Group. Above all, I'm delighted for our employees, as this will allow us to set another milestone in our long-running and successful cooperation with BMW Group. As we have done before, we will work on this vehicle program with our fullest commitment to ensure that we meet BMW Group's high expectations."

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