Canadian automotive supplier Magna International expects to produce around 16mn cars in 2021 in North America while its output in Europe and China is projected to be around 19mn and 24mn units, respectively.
In 2023, the company estimates its light vehicle production in North America to be more than 16 million units. Its projection for Europe and China in 2023 is around 20 and 26 million units. The Canadian technology provider expects its total sales in 2021 to be between $40-41.6bn and in 2023 it is projected to be around $43-45.5bn.
In 2020, the company’s global light vehicle production declined by 17pc compared to 2019 with a 20pc drop in production in North America, 23pc in Europe and 4pc in China. In the fourth quarter of the year, the company global light vehicle output grew by 4pc with a 3pc increase in both North America and Europe and a 10pc rise in China.
The firm’s sales in 2020 dropped by 17pc to $32.6bn from $39.4bn in 2019 while its Q4 2020 sales rose by 12pc to $10.6bn from $9.3bn in Q4 2019.Magna’s adjusted EBITDA dropped to $1.6bn in 2020 from $2.5bn in 2019 while its rose to $1bn in Q4 2020 from $590mn during the same quarter in 2019.