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Magna Updates 2021 Outlook

Globe Newswire - Wed Oct 20, 2021

AURORA, Ontario, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that it has updated its 2021 outlook to reflect declines in anticipated 2021 light vehicle production, including 7% and 9% in North America and Europe, respectively, in each case relative to expected light vehicle production levels disclosed in our press release dated August 6, 2021. The lower expected light vehicle production is mainly due to the impacts of ongoing semiconductor chip shortages and the COVID-19 pandemic on the global automotive supply chain.