The technology changing the way we drive
The latest auto trends include electrification, safety, comfort and convenience
The way we drive cars and mobility will "change drastically" within the next two decades, according to Magna CEO Swamy Kotagiri.
During an appearance on FOX Business on Tuesday, Kotagiri discussed the technology that is changing the way people drive.
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Kotagiri said the trends he’s seeing in the auto industry include electrification, safety, comfort and convenience. He pointed to adaptive cruise control and said it ties into the larger demand for driver-assist features in vehicles.
“Every consumer is looking for, ‘How do I make my driving more comfortable, more convenient and more pleasurable?’” he told Dagen McDowell on “Mornings with Maria." “And it is a situational experience concept. Sometimes you want to be able to drive and sometimes, when you're in traffic, you want it to be automated to a certain extent."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MGA | MAGNA INTERNATIONAL INC. | 49.12 | +0.42 | +0.86% |
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He said the push for electrification is motivated by “our concern for the planet.”
“How do you make transportation more sustainable and leave a better planet for the future -- whether it's CO2 emissions, quality of air and so on and so forth,” he said. “But as we progress forward, electrification is also starting to give a driving experience that is different than what we're used to. So all of these things are coming together.”
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Magna is the largest supplier to the automotive industry in North America and the third-largest in the world. Kotagiri said, despite its size, he looks at the company as a “60-year-old startup.”
“[We have] employees that are very entrepreneurial in a decentralized structure,” he said. “Sure, we are a $40 billion company, but we are in a $3 trillion dollar mobility industry -- a lot more room to grow.”