Canadian automotive supplier Magna has revised its 2021 light-vehicles production outlook downward to 15.6 million units from 15.9 million in North America and upward to 24.7 million units from 24 million in China. The company’s production forecast for Europe remains unchanged at 18.5 million.
The company has also revised its 2021 total sales forecast range to $40.2-41.8bn compared to the $40-41.6bn range from February this year, according to its Q1 2021 earnings release on Thursday.
Magna’s Q1 2021 total light vehicle production was 14,723 units compared to 11,692 in the prior-year quarter. North America production was unchanged from the prior-year quarter at 3,777 units. Output in China jumped 87pc in this quarter at 6027 units from 3,227 units in Q1 2020. Magna’s European region production increased 5pc at 4923 units in Q1 2021 from 4,688 during the same timeframe last year.
Global sales of complete vehicles were up 40pc in Q1 2021 at $1.9bn from $1.3bn during the same quarter period last year.
Magna’s EBIT for the segment increased 60pc in this quarter at $80mn from $50mn in Q1 2020. The company’s total adjusted EBIT for Q1 2021 rose 91pc to $770mn compared to $403 during the same period last year.