Magna has posted fourth-quarter net income attributable to Magna International of US$464m in the fourth quarter of 2021, compared to US$738m in the same period in 2020.
The supplier recorded sales of US$9.1bn in Q4, 2021, a decrease of 14% from the fourth quarter of 2020.
Global light vehicle production decreased 17% in the fourth quarter, reflecting decreases of 20% in North America, 28% in Europe, and 10% in China. Lower light vehicle production was driven by the semiconductor chip shortages, which the industry has faced throughout 2021.
Magna posted sales of US$36.2bn for the year ended 31 December, 2021, an increase of 11% from the year ended 31 December, 2020, compared to global light vehicle production, which increased 4%.
“Although 2021 presented its share of challenges, we delivered above-market sales growth and generated solid free cash flow, as we worked closely with our customers and suppliers to minimise the impacts on vehicle production,” said Magna CEO, Swamy Kotagiri.
“Despite significant input cost headwinds, we expect improved operating results in 2022 as the industry recovers and production schedules normalise.
“In addition, we remain confident in our ability to capitalise on the opportunities in front of us, especially in the areas of electrification, autonomy and new mobility.”