“Following the significant production declines driven by the COVID-19 pandemic in the first half of the year, we began to experience a recovery in production at the end of the second quarter. Our strong third quarter results reflect the actions we have taken to reduce discretionary and structural costs in the face of the lower levels of vehicle production. We expect our cost structure and operating philosophy to continue to drive profitability and returns as vehicle volumes recover, while allowing us to navigate through challenging times.” - Don Walker, Magna’s Chief Executive Officer
“Following the significant production declines driven by the COVID-19 pandemic in the first half of the year, we began to experience a recovery in production at the end of the second quarter. Our strong third quarter results reflect the actions we have taken to reduce discretionary and structural costs in the face of the lower levels of vehicle production. We expect our cost structure and operating philosophy to continue to drive profitability and returns as vehicle volumes recover, while allowing us to navigate through challenging times.” - Don Walker, Magna’s Chief Executive Officer