Magna International has forecast full year 2010 consolidated sales between US$19.5b and $20.5 billion, based on light vehicle production volumes of about 10.3m units in North America and 11.4m units in Europe.
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Average dollar content per vehicle is expected to be between $895 and $925 in North America and between $545 and $570 in Europe. Complete vehicle assembly sales are forecast between $1.6bn and $1.9bn.
The Aurora, Canada-based supplier and contract vehicle assembler booked third quarter 2009 sales of $4.7bn, down 16% year on year. North American average dollar content per vehicle increased 8%, while vehicle production declined 20%. European average dollar content per vehicle was unchanged but vehicle production declined 9% and complete vehicle assembly sales fell 38% to $428m.
Magna said 2010 spending for fixed assets would be in the $750m to $850m range to support new and replacement business in its traditional markets as well as expansion expand into high-growth emerging markets.
Automakers’ forecasts may be too low
