Magna Q3 Report 2023

Sales increased 15% or $1.42 billion to $10.69 billion for the third quarter of 2023 compared to $9.27 billion for the third quarter

of 2022 primarily due to:

• the launch of new programs during or subsequent to the third quarter of 2022; higher global light vehicle production;
• acquisitions, net of divestitures, subsequent to the third quarter of 2022, which increased sales by $379 million;
• the net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $155 million; and
• customer price increases to recover certain higher production input costs.

These factors were partially offset by the negative impact of lost vehicle production as a result of the UAW labour strike at certain customers during the third quarter of 2023, which decreased sales by approximately $50 million and net customer price concessions subsequent to the third quarter of 2022.