January 14, 2015, Aurora, Ontario, Canada……Magna International Inc. (TSX: MG; NYSE: MGA) today announced its financial outlook for 2015. All amounts are in U.S. dollars.
In addition to our 2015 sales and light vehicle production outlook above, we expect 2017 total production sales to be approximately $5 billion higher than 2015, based on assumed full year 2017 light vehicle production volumes of approximately 18.2 million units in North America and approximately 21.9 million units in Europe. We expect the increase in total production sales to be split approximately as follows by segment: 45% in North America, 35% in Europe and 20% in Asia.
In this outlook we have assumed no material acquisitions or divestitures. In addition, we have assumed that foreign exchange rates for the most common currencies in which we conduct business relative to our U.S. dollar reporting currency will approximate year end 2014 rates.
For further information, please contact Vince Galifi, Executive Vice-President and Chief Financial Officer at 905-726-7100 or Louis Tonelli, Vice-President, Investor Relations at 905-726-7035.
We are a leading global automotive supplier with 313 manufacturing operations and 84 product development, engineering and sales centres in 28 countries. We have approximately 131,000 employees focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
We will be making a presentation at the Deutsche Bank Global Auto Industry Conference on Wednesday, January 14, 2015 at 1:15 p.m. EST during which we will review the details of our Outlook. The presentation will be webcast and available on our website at www.magna.com. The slides accompanying the presentation will be available on our website Wednesday morning by 9 a.m. EST.