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Magna Announces Fourth Quarter 2022 Results and 2023 Outlook

AURORA, Ontario, February 10, 2023 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2022.

Swamy Kotagiri, Magna CEO

“2022 was another difficult year for the auto industry as inflation climbed to levels not experienced for decades, geopolitical issues contributed to unprecedented European energy prices and OEM production schedules remained volatile. Nevertheless, we once again generated above-market sales growth, and booked a record amount of business.

In 2023, we are highly focused on improving underperforming operations, limiting discretionary costs and securing further inflation recoveries from our customers. At the same time, we continue to invest to support the significant amount of business growth in front of us.”

- Swamy Kotagiri, Magna’s Chief Executive Officer