Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for Q2 2024 with sales of $11B, essentially unchanged from the second quarter of 2023, which compares to a 2% increase in global light vehicle production, including 6% and 1% higher production in China and North America, respectively. This was partially offset by 5% lower production in Europe. AutoInformed notes that Magna’s challenge as a global diversified supplier to automakers going forward is adopting to and making money from the delay, elimination or reduced volumes in larger automaker EV programs while retaining or increasing sales from the now extended life of vehicles with internal combustion engines and their potential freshening and updates with increased content that this likely entails.

“Overall, our second quarter operating performance largely met our expectations, despite lower than anticipated volumes on certain key vehicle programs in North America. Our focus remains on factors we can control, including operational excellence, cost reductions, and flawless launches. These efforts, together with ongoing customer commercial discussions are enabling us to substantially maintain our 2024 Adjusted EBIT margin range,” said Swamy Kotagiri, Magna’s Chief Executive Officer