Strong Q1 for Magna despite South American struggles

Rising vehicle production in key regions bolstered Magna's first-quarter results, and outlook for the full year has been lifted. Sales for the January-March period rose 7% year-on-year to US$8.96bn, thanks to a 4% rise in vehicle output in North America and an 8% rise in Europe. However, OEM recall activity, currency fluctuations, political instability in parts of Europe and rising raw material costs continue to pose serious threats.