Canadian auto parts supplier Magna International Inc. is reporting net income of US$558 million in the second quarter of 2016, a slight improvement for the Canadian auto parts giant compared with the same quarter one year ago.
In a statement, the Aurora, Ont.-based company, which reports in U.S. currency, said it posted sales of US$9.4 billion in the quarter – a 16 per cent increase from US$8.1 billion in Q2 2015 – while North American and European light vehicle production volume increased 2 per cent and 6 per cent respectively.
The company’s complete vehicle assembly sales increased 7 per cent in the quarter compared to last year while complete vehicle assembly volumes fell 9 per cent.
Magna is one of the world’s largest auto parts makers with more than 300 factories around the world.
