Magna has recorded third-quarter net income up 8% to US$554m, due to what it says is a "substantially lower income tax rate."

On a consolidated basis, the Canadian supplier posted sales of US$9.62bn for the third quarter, an increase of 9%. The strong growth was achieved in a period in which light vehicle production increased 4% in North America and was essentially unchanged in Europe.

Excluding the impact of foreign currency translation and net divestitures, sales increased 11% on a consolidated basis, and by segment: 6% in both Body Exteriors & Structures and Power & Vision, 5% in Seating Systems, and 50% in Complete Vehicles.

For the nine months ending 30 September, 2018, Magna posted sales of US$30.69bn, an increase of 14%.

North American light vehicle production remained relatively unchanged and European light vehicle production increased 2%, in the first nine months of 2018 compared to the first nine months of 2017.

Net income attributable to Magna International was US$1.84bn, up US$124m.