Magna Q4 sales up 12% to US$10.6bn

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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.

“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.”

Show the press release—magna-2020-q4-press-release.pdf?sfvrsn=e3b21183_2

Original source:—magna-2020-q4-press-release.pdf?sfvrsn=e3b21183_2