Magna has posted 2012 full-year sales of US$30.84bn, an increase of 7%, reflecting increases in North American, European, and rest of world production sales as well as higher tooling and engineering sales, partially offset by lower complete vehicle assembly sales.

Vehicle production increased 18% to 15.5m units in North America and decreased 7% to 12.7m units in Western Europe, compared to 2011.

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Complete vehicle assembly sales decreased 5% to US$2.56bn compared to US$2.69bn, while complete vehicle assembly volumes decreased 5% to around 124,000 units.

Income from operations before income taxes was US$1.75bn, up US$533m, while net income attributable to Magna International was US$1.43bn.

“Overall, we are satisfied with our operating results for 2012,” said Magna CEO, Don Walker. “We continued our strong performance in North America.

“In Europe, we saw better operating results and a return to profitability.  In the rest of the world, Asia remains profitable, despite the significant new facility activity, and we are taking steps to improve results in South America.”

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Magna said it had sales of US$8.03bn for the fourth quarter of last year, an increase of 11% compared to the fourth quarter of 2011.

The increase was achieved during a period when vehicle production increased 12% in North America and declined 8% in Western Europe, both relative to the fourth quarter of 2011.

In the fourth quarter of 2012, North American, Europe, and rest of world production sales, as well as tooling, engineering, other sales and complete vehicle assembly sales, all increased relative to the comparable quarter in 2011.