Magna International decreased its sales in Mexico by 21.8% in 2020, to $ 3,359 million.
Regarding the United States market, the company‘s sales totaled 8.210 million dollars, a decrease of 15.4% annually.
The characteristics of the company are:
- It is a Canadian mobility technology company for car manufacturers.
- It ranks as the largest auto parts manufacturer in North America by sales of original equipment parts.
- The company invests heavily in AI and Tier 5 automation.
- Throughout the past two decades, it has consistently ranked on the Fortune Global 500 list.
In total, magna international sales were for 32.647 million dollars in 2020, a contraction of 17.2% year-on-year.
As for Canada, its sales fell 22.6%, to $ 4.144 million.
The global automotive industry is a complex, high-tech manufacturing industry.
First, Tier 1 automotive suppliers design, engineer, and manufacture components, assemblies, systems, subsystems, and modules for original equipment manufacturers (OEMs, or automakers) of vehicles and light trucks.
Meanwhile, tier 1 suppliers obtain tier 2 subcomponents and other sub-vendors, which are integrated into the products sold by tier 1 vendors directly to OEMs.
The global auto industry is cyclical and sensitive to a wide range of macroeconomic and political factors.
While the global industry was in the growth phase of a cycle that began in 2010, production volumes declined in some key automotive production regions of the world in 2019.
Company indicators (millions of dollars)
Some of the macroeconomic and political factors that currently appear to be having a negative effect on the industry as a whole include: changing economic conditions; impact of the Covid-19 pandemic; acceleration in the focus on the impact of climate change; increased location of production; and uncertain commitment to multilateral trade, as well as tariffs and trade wars in some key markets.