Magna posts flat sales for 2024, with signs of recovery in automotive production in Q4

Ontario, Canada – Sales were flat at the automotive OEM Magna in 2024, at $42.8bn in both 2023 and 2024. Global light vehicle production was substantially unchanged, the company said. Positive factors during the year included the launch of new programmes and customer price increases to cover rising input costs, but the gains were offset by lower production in some programmes and the end of others, as well as currency effects and net customer price concessions.

Adjusted EBIT was up 4.5%, from $2.2bn in 2023 to $2.3bn last year. Productivity and efficiency improvements had a positive impact, including lower costs at some of its underperforming facilities.

In the fourth quarter of 2024, sales were up 2%, rising 1.7% to $10.63bn from $10.45bn in the 2023 quarter. This comes amid a backdrop of rising global light vehicle production of 2%, with a 2% rise in North America and 10% in China during the quarter, although this was offset by 6% lower production in Europe.

“In 2024, we successfully drove margin expansion and increased cash flow generation through deliberate actions related to operational excellence, restructuring, reduced capital spending and commercial recoveries,” said CEO Swamy Kotagiri. “We achieved this despite continued industry headwinds, including lower vehicle volumes in key markets.”

The company anticipates sales for 2025 will fall in the range $38.6bn to $40.2bn. This does not include any potential impact from the imposition of tariffs, or changes in the rates of those tariffs.

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