Magna has recorded fourth-quarter sales up 12% to US$10.6bn.
Full-year 2020 sales fell 17% to US$32.6bn, compared to vehicle production declines of 20% and 23% in Magna’s most significant production markets of North America and Europe.
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“Magna navigated a challenging year from a position of strength attributable to our entrepreneurial spirit, market leading portfolio and healthy balance sheet,” said Magna CEO, Swamy Kotagiri. “From the time COVID-19 first struck, our primary focus was on protecting the health, safety and economic well-being of our employees.
“Overall, I believe our second-half results demonstrate Magna’s resilience – we are emerging even stronger from the challenges we faced in 2020. Our outlook reflects a product strategy aligned with sustainability objectives, further growth driven by technologies that support the car of the future, margin expansion and continued strong free cash flow generation.”
