6-K - MGA - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 underthe Securities Exchange Act of 1934

For the month of November 2022

Commission File Number 001-11444

MAGNA INTERNATIONAL INC.
(Exact Name of Registrant as specified in its Charter)
337 Magna Drive, Aurora, Ontario, Canada L4G 7K1
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.<br><br> Form 20-F [ ] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______
Note: Regulation S-T Rule 101(b)(7) only permits<br> the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer<br> must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally<br> organized (the registrant’s “home country”), or under the rules of the home country exchange on which the<br> registrant’s securities are traded, as long as the report or other document is not a press release, is not required<br> to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 4, 2022	MAGNA INTERNATIONAL INC.(Registrant)
	By:	/s/ “Bassem Shakeel”
		Bassem A. Shakeel,<br><br>Vice-President and Corporate Secretary

EXHIBITS

Exhibit 99.1	Q3 2022 Financial Review
Exhibit 99.2	Q3 2022 Earnings Presentation slides (November 4, 2022)
Exhibit 99.3	Q3 2022 Earnings Call Transcript (November 4, 2022)

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)
Prepared in accordance with U.S. GAAP
				2020					2021					2022
			Note	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
VEHICLE VOLUME STATISTICS (in<br> millions)
North American vehicle volumes (including Mexico)				3.777	1.240	3.945	4.039	13.001	3.752	3.213	2.921	3.247	13.133	3.641	3.567	3.635	10.843
European vehicle volumes:
	Western Europe			2.905	1.171	2.613	3.407	10.096	3.046	2.444	1.785	2.393	9.668	2.495	2.592	2.417	7.504
	Eastern Europe			1.804	0.927	1.676	2.007	6.414	1.870	1.671	1.212	1.650	6.403	1.522	1.408	1.335	4.265
		Total Europe		4.709	2.098	4.289	5.414	16.510	4.916	4.115	2.997	4.043	16.071	4.017	4.000	3.752	11.769
Asia volumes				8.243	8.388	10.821	13.726	41.178	11.557	10.404	9.697	12.281	43.939	11.527	10.488	11.925	33.940
China volumes				3.218	5.831	6.252	8.089	23.390	6.040	5.710	5.464	7.396	24.610	6.380	5.622	6.949	18.951
Magna Steyr vehicle assembly volumes				0.031	0.017	0.027	0.035	0.110	0.040	0.030	0.023	0.033	0.126	0.025	0.031	0.025	0.081
AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars				0.745	0.722	0.751	0.767	0.746	0.790	0.814	0.794	0.794	0.798	0.790	0.783	0.765	0.779
1 Euro equals U.S. dollars				1.102	1.101	1.170	1.192	1.141	1.205	1.206	1.178	1.144	1.183	1.123	1.064	1.006	1.064
1 Chinese renminbi equals U.S. dollars				0.143	0.141	0.145	0.151	0.145	0.154	0.155	0.155	0.156	0.155	0.158	0.151	0.146	0.152
CONSOLIDATED<br> STATEMENTS OF INCOME (LOSS)
Sales:
		Body Exteriors & Structures		3,676	1,623	3,858	4,393	13,550	4,025	3,647	3,185	3,620	14,477	4,077	3,947	3,976	12,000
		Power & Vision		2,523	1,298	2,722	3,179	9,722	3,156	2,881	2,501	2,804	11,342	3,046	2,888	2,911	8,845
		Seating Systems		1,261	524	1,280	1,390	4,455	1,303	1,166	1,123	1,299	4,891	1,376	1,253	1,295	3,924
		Complete Vehicles		1,321	933	1,402	1,759	5,415	1,850	1,490	1,255	1,511	6,106	1,275	1,403	1,213	3,891
		Corporate & Other		(124)	(85)	(133)	(153)	(495)	(155)	(150)	(145)	(124)	(574)	(132)	(129)	(127)	(388)
Sales				8,657	4,293	9,129	10,568	32,647	10,179	9,034	7,919	9,110	36,242	9,642	9,362	9,268	28,272
Costs and expenses:
	Cost of goods sold			7,567	4,206	7,681	8,753	28,207	8,662	7,728	6,885	7,822	31,097	8,400	8,259	8,126	24,785
	Selling, general and administrative			381	378	380	448	1,587	430	419	454	414	1,717	386	410	387	1,183
	Equity income			(30)	(25)	(44)	(90)	(189)	(47)	(44)	(34)	(23)	(148)	(20)	(25)	(27)	(72)
	EBITDA		1	739	(266)	1,112	1,457	3,042	1,134	931	614	897	3,576	876	718	782	2,376
	Depreciation and amortization			336	334	334	362	1,366	364	374	385	389	1,512	369	360	341	1,070
	EBIT		2	403	(600)	778	1,095	1,676	770	557	229	508	2,064	507	358	441	1,306
	Interest expense, net			17	21	26	22	86	23	11	22	22	78	26	20	18	64
Operating income (loss)			1	386	(621)	752	1,073	1,590	747	546	207	486	1,986	481	338	423	1,242
	Impairment charges			-	-	337	-	337	-	-	-	-	-	-	376	-	376
	Other expense (income)			-	168	(21)	100	247	(58)	6	180	(90)	38	61	50	23	134
Other expense (income), net			1	-	168	316	100	584	(58)	6	180	(90)	38	61	426	23	510
Income (loss) from operations before income<br> taxes				386	(789)	436	973	1,006	805	540	27	576	1,948	420	(88)	400	732
Income tax expense (benefit)				134	(137)	109	223	329	183	104	10	98	395	41	57	104	202
Net income (loss)				252	(652)	327	750	677	622	436	17	478	1,553	379	(145)	296	530
(Income) loss attributable to non-controlling interests			1	9	5	78	(12)	80	(7)	(12)	(6)	(14)	(39)	(15)	(11)	(7)	(33)
Net income (loss) attributable to Magna International Inc.				261	(647)	405	738	757	615	424	11	464	1,514	364	(156)	289	497
Adjusted net income (loss) attributable to Magna International<br> Inc.			1	261	(511)	585	851	1,186	566	426	170	391	1,553	383	243	308	934
Diluted earnings (loss) per share:
	Diluted			$ 0.86	$ (2.17)	$ 1.35	$ 2.45	$ 2.52	$ 2.03	$ 1.40	$ 0.04	$ 1.54	$ 5.00	$ 1.22	$ (0.54)	$ 1.00	$ 1.70
	Adjusted Diluted			$ 0.86	$ (1.71)	$ 1.95	$ 2.83	$ 3.95	$ 1.86	$ 1.40	$ 0.56	$ 1.30	$ 5.13	$ 1.28	$ 0.83	$ 1.07	$ 3.19
Weighted average number of Common Shares outstanding
	during the year (in millions):			302.7	298.4	299.4	300.9	300.4	303.6	303.6	302.6	301.5	302.8	298.1	291.1	288.5	292.8
PROFITABILITY RATIOS
	Cost of goods sold / Total sales			87.4%	98.0%	84.1%	82.8%	86.4%	85.1%	85.5%	86.9%	85.9%	85.8%	87.1%	88.2%	87.7%	87.7%
	Gross margin (before depreciation) / Total sales			12.6%	2.0%	15.9%	17.2%	13.6%	14.9%	14.5%	13.1%	14.1%	14.2%	12.9%	11.8%	12.3%	12.3%
	Selling, general and administrative /Sales			4.4%	8.8%	4.2%	4.2%	4.9%	4.2%	4.6%	5.7%	4.5%	4.7%	4.0%	4.4%	4.2%	4.2%
	EBITDA /Sales			8.5%	-6.2%	12.2%	13.8%	9.3%	11.1%	10.3%	7.8%	9.8%	9.9%	9.1%	7.7%	8.4%	8.4%
	EBIT /Sales			4.7%	-14.0%	8.5%	10.4%	5.1%	7.6%	6.2%	2.9%	5.6%	5.7%	5.3%	3.8%	4.8%	4.6%
	Operating income(loss) /Sales			4.5%	-14.5%	8.2%	10.2%	4.9%	7.3%	6.0%	2.6%	5.3%	5.5%	5.0%	3.6%	4.6%	4.4%
	Effective tax rate
		Reported		34.7%	17.4%	25.0%	22.9%	32.7%	22.7%	19.3%	37.0%	17.0%	20.3%	9.8%	-64.8%	26.0%	27.6%
		Excluding Other expense (income), net of taxes		34.7%	16.9%	22.6%	19.6%	25.7%	23.3%	19.8%	15.0%	16.7%	19.8%	17.3%	24.9%	25.5%	22.1%

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| --- | | FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC. | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | | | | | (United States dollars in millions) (Unaudited) | | | | | | | | | | | | | | | | | | 2020 | | | | 2021 | | | | 2022 | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | 1st Q | 2nd Q | 3rd Q | 4th Q | 1st Q | 2nd Q | 3rd Q | | FUNDS EMPLOYED | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | Accounts receivable | | 5,684 | 5,253 | 6,618 | 6,394 | 7,176 | 6,531 | 6,082 | 6,307 | 7,006 | 6,764 | 7,082 | | | Inventories | | 3,531 | 3,503 | 3,509 | 3,444 | 3,645 | 3,999 | 4,150 | 3,969 | 4,258 | 4,064 | 4,108 | | | Prepaid expenses and other | | 234 | 216 | 196 | 260 | 290 | 294 | 247 | 278 | 310 | 262 | 269 | | | | | 9,449 | 8,972 | 10,323 | 10,098 | 11,111 | 10,824 | 10,479 | 10,554 | 11,574 | 11,090 | 11,459 | | Current liabilities: | | | | | | | | | | | | | | | | Accounts payable | | 5,635 | 4,243 | 5,808 | 6,266 | 6,787 | 6,248 | 5,914 | 6,465 | 6,845 | 6,443 | 6,624 | | | Accrued salaries and wages | | 807 | 691 | 851 | 815 | 897 | 912 | 893 | 851 | 879 | 766 | 810 | | | Other accrued liabilities | | 1,921 | 2,058 | 2,246 | 2,254 | 2,298 | 2,186 | 2,070 | 2,156 | 2,123 | 2,096 | 1,986 | | | Income taxes payable (receivable) | | 18 | (87) | (69) | 38 | 109 | 123 | 125 | 200 | 190 | 136 | 97 | | | | | 8,381 | 6,905 | 8,836 | 9,373 | 10,091 | 9,469 | 9,002 | 9,672 | 10,037 | 9,441 | 9,517 | | Working capital | | | 1,068 | 2,067 | 1,487 | 725 | 1,020 | 1,355 | 1,477 | 882 | 1,537 | 1,649 | 1,942 | | Investments | | | 1,336 | 1,336 | 1,143 | 947 | 960 | 1,124 | 1,455 | 1,593 | 1,487 | 1,375 | 1,323 | | Fixed assets, net | | | 7,948 | 7,860 | 7,898 | 8,475 | 8,305 | 8,297 | 8,166 | 8,293 | 8,090 | 7,723 | 7,470 | | Goodwill, other assets and intangible assets | | | 3,340 | 3,362 | 3,423 | 3,539 | 3,614 | 3,632 | 3,530 | 3,577 | 3,544 | 3,353 | 3,280 | | Operating lease right-of-use assets | | | 1,788 | 1,777 | 1,787 | 1,906 | 1,869 | 1,854 | 1,731 | 1,700 | 1,667 | 1,587 | 1,545 | | Funds employed | | | 15,480 | 16,402 | 15,738 | 15,592 | 15,768 | 16,262 | 16,359 | 16,045 | 16,325 | 15,687 | 15,560 | | FINANCING | | | | | | | | | | | | | | | Straight debt: | | | | | | | | | | | | | | | | Cash and cash equivalents | | (1,146) | (533) | (1,498) | (3,268) | (3,464) | (3,426) | (2,748) | (2,948) | (1,996) | (1,664) | (1,102) | | | Short-term borrowings | | - | 188 | - | - | - | - | - | - | - | - | - | | | Long-term debt due within one year | | 93 | 150 | 98 | 129 | 137 | 117 | 101 | 455 | 127 | 105 | 95 | | | Long-term debt | | 3,021 | 3,771 | 3,832 | 3,973 | 3,935 | 3,941 | 3,908 | 3,538 | 3,501 | 3,408 | 3,325 | | | Current portion of operating lease liabilities | | 218 | 221 | 226 | 241 | 244 | 278 | 269 | 274 | 276 | 270 | 266 | | | Operating lease liabilities | | 1,586 | 1,577 | 1,582 | 1,656 | 1,613 | 1,563 | 1,438 | 1,406 | 1,369 | 1,294 | 1,254 | | | | | 3,772 | 5,374 | 4,240 | 2,731 | 2,465 | 2,473 | 2,968 | 2,725 | 3,277 | 3,413 | 3,838 | | Long-term employee benefit liabilities | | | 659 | 675 | 696 | 729 | 733 | 743 | 716 | 700 | 686 | 651 | 617 | | Other long-term liabilities | | | 420 | 390 | 305 | 332 | 414 | 482 | 466 | 376 | 374 | 390 | 397 | | Deferred tax liabilities, net | | | 87 | 10 | 87 | 80 | 104 | 124 | 40 | 19 | (51) | (111) | (138) | | | | | 1,166 | 1,075 | 1,088 | 1,141 | 1,251 | 1,349 | 1,222 | 1,095 | 1,009 | 930 | 876 | | Shareholders' equity | | | 10,542 | 9,953 | 10,410 | 11,720 | 12,052 | 12,440 | 12,169 | 12,225 | 12,039 | 11,344 | 10,846 | | | | | 15,480 | 16,402 | 15,738 | 15,592 | 15,768 | 16,262 | 16,359 | 16,045 | 16,325 | 15,687 | 15,560 | | ASSET UTILIZATION RATIOS | | | | | | | | | | | | | | | | Days in accounts receivable | | 59.1 | 110.1 | 65.2 | 54.5 | 63.4 | 65.1 | 69.1 | 62.3 | 65.4 | 65.0 | 68.8 | | | Days in accounts payable | | 67.0 | 90.8 | 68.1 | 64.4 | 70.5 | 72.8 | 77.3 | 74.4 | 73.3 | 70.2 | 73.4 | | | Inventory turnover - cost of sales | | 8.6 | 4.8 | 8.8 | 10.2 | 9.5 | 7.7 | 6.6 | 7.9 | 7.9 | 8.1 | 7.9 | | | Working capital turnover | | 32.4 | 8.3 | 24.6 | 58.3 | 39.9 | 26.7 | 21.4 | 41.3 | 25.1 | 22.7 | 19.1 | | | Total asset turnover | | 2.2 | 1.0 | 2.3 | 2.7 | 2.6 | 2.2 | 1.9 | 2.3 | 2.4 | 2.4 | 2.4 | | CAPITAL STRUCTURE | | | | | | | | | | | | | | | | Straight debt | | 24.4% | 32.8% | 26.9% | 17.5% | 15.6% | 15.2% | 18.1% | 17.0% | 20.1% | 21.8% | 24.7% | | | Long-term employee benefit liabilities, other long-term | | | | | | | | | | | | | | | | liabilities & deferred tax liabilities, net | 7.5% | 6.6% | 6.9% | 7.3% | 7.9% | 8.3% | 7.5% | 6.8% | 6.2% | 5.9% | 5.6% | | | Shareholders' equity | | 68.1% | 60.7% | 66.1% | 75.2% | 76.4% | 76.5% | 74.4% | 76.2% | 73.7% | 72.3% | 69.7% | | | | | 100.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | | | Debt to total capitalization | | 31.8% | 37.2% | 35.5% | 33.9% | 33.0% | 32.2% | 32.0% | 31.7% | 30.5% | 30.9% | 31.3% | | ANNUALIZED RETURNS | | | | | | | | | | | | | | | | Return on equity (Net income attributable to Magna | | | | | | | | | | | | | | | | International Inc. / Average shareholders' equity) | 9.6% | -25.3% | 15.9% | 26.7% | 20.7% | 13.8% | 0.4% | 15.2% | 12.0% | -5.3% | 10.4% | | | Adjusted Return on equity (Adjusted Net income attributable | | | | | | | | | | | | | | | | to Magna International Inc. / Average shareholders' equity) | 9.6% | -19.9% | 23.0% | 30.8% | 19.0% | 13.9% | 5.5% | 12.8% | 12.6% | 8.3% | 11.1% | | | Return on Invested Capital (Annualized after-tax operating | | | | | | | | | | | | | | | | profits / invested capital) | 6.7% | -15.9% | 8.6% | 19.6% | 16.3% | 11.1% | 0.9% | 12.2% | 9.9% | -3.2% | 7.9% | | | Adjusted Return on Invested Capital (Adjusted Annualized after-tax | | | | | | | | | | | | | | | | operating profits / invested capital) | 6.7% | -12.5% | 15.0% | 22.5% | 15.1% | 11.2% | 4.8% | 10.4% | 10.4% | 6.7% | 8.4% |

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| --- | | FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC. | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | (United States dollars in millions) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | 2020 | | | | | 2021 | | | | | 2022 | | | | | Cash provided from (used for): | | | Note | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | Operating activities | | | | | | | | | | | | | | | | | | | | Net income (loss) | | | 252 | (652) | 327 | 750 | 677 | 622 | 436 | 17 | 478 | 1,553 | 379 | (145) | 296 | 530 | | | Items not involving current cash flows | | (i) | 344 | 335 | 749 | 548 | 1,976 | 349 | 341 | 515 | 371 | 1,576 | 370 | 705 | 295 | 1,370 | | | | | (i) | 596 | (317) | 1,076 | 1,298 | 2,653 | 971 | 777 | 532 | 849 | 3,129 | 749 | 560 | 591 | 1,900 | | | Changes in operating assets and liabilities | | (i) | 43 | (915) | 536 | 961 | 625 | (310) | (249) | (132) | 502 | (189) | (569) | (139) | (353) | (1,061) | | Cash provided from (used for) operating activities | | | | 639 | (1,232) | 1,612 | 2,259 | 3,278 | 661 | 528 | 400 | 1,351 | 2,940 | 180 | 421 | 238 | 839 | | Investment activities | | | | | | | | | | | | | | | | | | | | Fixed asset additions | | | (203) | (169) | (213) | (560) | (1,145) | (212) | (277) | (334) | (549) | (1,372) | (238) | (329) | (364) | (931) | | | Increase in equity method investment | | | - | - | - | - | - | - | - | (454) | (63) | (517) | - | - | - | - | | | Increase in investments, other assets and intangible assets | | | (93) | (72) | (68) | (98) | (331) | (104) | (93) | (101) | (105) | (403) | (64) | (80) | (125) | (269) | | | Proceeds (funding provided) on sale of business | | 1 (e) | - | - | - | - | - | - | - | (41) | - | (41) | 6 | - | - | 6 | | | Increase in public and private equity investments | | | (100) | (2) | (12) | (18) | (132) | (3) | (17) | (3) | (45) | (68) | (2) | (2) | (25) | (29) | | | Settlement of long-term receivable from non-consolidated joint venture | | | - | - | - | - | - | 50 | - | - | - | 50 | - | - | - | - | | | Proceeds from disposition | | | 23 | 11 | 14 | 69 | 117 | 19 | 20 | 10 | 32 | 81 | 23 | 40 | 41 | 104 | | | Business combinations | | | (7) | - | - | 98 | 91 | 39 | (21) | - | (31) | (13) | - | - | - | - | | Cash (used for) provided from investment activities | | | | (380) | (232) | (279) | (509) | (1,400) | (211) | (388) | (923) | (761) | (2,283) | (275) | (371) | (473) | (1,119) | | Financing activities | | | | | | | | | | | | | | | | | | | | Net issues (repayments) of debt | | | (6) | 962 | (246) | (27) | 683 | (126) | (33) | (13) | 5 | (167) | (328) | (31) | (10) | (369) | | | Common Shares issued on exercise of stock options | | | 1 | 1 | 15 | 64 | 81 | 83 | 50 | 3 | 10 | 146 | 4 | - | 1 | 5 | | | Repurchase of Common Shares | | | (201) | - | (2) | - | (203) | (162) | (99) | (5) | (251) | (517) | (383) | (212) | (180) | (775) | | | Tax withholdings on vesting of equity awards | | | (10) | - | - | (3) | (13) | (12) | - | - | (1) | (13) | (14) | (1) | - | (15) | | | Contributions to subsidiaries by non-controlling interests | | | - | - | - | 18 | 18 | - | - | - | 8 | 8 | - | 5 | - | 5 | | | Dividends paid to non-controlling interests | | | (3) | (3) | - | (12) | (18) | - | (8) | (2) | (39) | (49) | - | (12) | (10) | (22) | | | Dividends paid | | | (121) | (116) | (115) | (115) | (467) | (130) | (127) | (130) | (127) | (514) | (133) | (130) | (125) | (388) | | Cash provided from (used for) financing activities | | | | (340) | 844 | (348) | (75) | 81 | (347) | (217) | (147) | (395) | (1,106) | (854) | (381) | (324) | (1,559) | | Effect of exchange rate changes on cash, cash equivalents | | | | | | | | | | | | | | | | | | | | and restricted cash equivalents | | | (52) | 9 | (15) | 81 | 23 | (13) | 39 | (8) | 5 | 23 | (3) | (1) | (3) | (7) | | Net increase (decrease) in cash, cash equivalents | | | | | | | | | | | | | | | | | | | | and restricted cash equivalents during the period | | | (133) | (611) | 970 | 1,756 | 1,982 | 90 | (38) | (678) | 200 | (426) | (952) | (332) | (562) | (1,846) | | Cash, cash equivalents and restricted cash equivalents, | | | | | | | | | | | | | | | | | | | | beginning of period | | 3 | 1,392 | 1,259 | 648 | 1,618 | 1,392 | 3,374 | 3,464 | 3,426 | 2,748 | 3,374 | 2,948 | 1,996 | 1,664 | 2,948 | | Cash, cash equivalents and restricted cash equivalents, | | | | | | | | | | | | | | | | | | | | end of period | | | 1,259 | 648 | 1,618 | 3,374 | 3,374 | 3,464 | 3,426 | 2,748 | 2,948 | 2,948 | 1,996 | 1,664 | 1,102 | 1,102 | | | | (i) Certain amounts in prior periods have been reclassified to conform with current period presentation. | | | | | | | | | | | | | | | |

| Page 3 of 6 |

| --- | | FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC. | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (United States dollars in millions, except per share figures) (Unaudited) | | | | | | | | | | | | | | | | | | | | This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021. | | | | | | | | | | | | | | | | Note 1: | | NON-GAAP MEASURES | | | | | | | | | | | | | | | | | | The Company presents Operating income, EBIT (Earnings before interest and taxes) and EBITDA (Earnings before interest, taxes and depreciation and amortization) before Other expense (income),net. The Company also presents Adjusted Net Income (Net Income before Other expense (income),net , net of tax and excluding significant income tax valuation allowance adjustments), Adjusted Diluted Earnings per Share, Adjusted EBIT and Adjusted EBIT as a percentage of sales, Return on Invested Capital and Return on Equity. The Company calculates Adjusted Debt as total debt adjusted to include pension and lease liabilities and Adjusted EBITDA as earnings before, interest, net, taxes, depreciation and amortization adjusted to add back interest income, certain pension costs and operating lease expense. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies. Other expense (income), net consists of: | | | | | | | | | | | | | | | | | | | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | | | Restructuring and impairments | - | 168 | - | 101 | 269 | 15 | 44 | 24 | 18 | 101 | - | 376 | 14 | 390 | | | | Net (gains) losses on investments | - | - | (21) | (11) | (32) | (33) | (38) | 81 | (8) | 2 | 61 | 50 | 9 | 120 | | | | Sale of business | - | - | - | - | - | - | - | 75 | - | 75 | - | - | - | - | | | | Impairments and loss on sale of equity-accounted investments | - | - | 337 | 10 | 347 | - | - | - | - | - | - | - | - | - | | | | Merger Agreement Termination Fee | - | - | - | - | - | - | - | - | (100) | (100) | - | - | - | - | | | | Gain on business combinations | - | - | - | - | - | (40) | - | - | - | (40) | - | - | - | - | | | | | | | | | | | | | | | | - | | | | | | | - | 168 | 316 | 100 | 584 | (58) | 6 | 180 | (90) | 38 | 61 | 426 | 23 | 510 | | | [a] | Restructuring and impairments | | | | | | | | | | | | | | | | | | COVID-19 Restructuring and Impairments: | | | | | | | | | | | | | | | | | | In response to the impact that COVID-19 was expected to have on vehicle production volumes over the short to medium term, during the second quarter of 2020, the Company initiated and/or accelerated the timing of restructuring plans to right-size its business. These restructuring actions included plant closures and workforce reductions and resulted in COVID-19 related restructuring and impairment charges of 115 million in Power & Vision, 37 million in Body Exteriors & Structures, and 16 million in Seating, respectively. | | | | | | | | | | | | | | | | | | Impairments related to operations in Russia: | | | | | | | | | | | | | | | | | | The Company’s operations in Russia remain substantially idled and production is not expected to resume before 2024. In accordance with U.S. GAAP, as a result of the expected lack of future cashflows and the continuing uncertainties connected with the Russian economy, the Company recorded a 376 million impairment charge related to its investment in Russia. This included net asset impairments of 173 million and a 203 million reserve against the related foreign currency translation losses that are included in accumulated other comprehensive loss. The net asset impairments consisted of 163 million and 10 million in our Body Exteriors & Structures segment and our Seating segment, respectively. | | | | | | | | | | | | | | | | | | Other Impairments: | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | | | Body Exteriors & Structures | - | - | - | 65 | 65 | - | - | 8 | - | 8 | - | - | 10 | 10 | | | | Power & Vision | - | - | - | - | - | - | - | - | - | - | - | - | 4 | 4 | | | | Seating Systems | - | - | - | 15 | 15 | - | - | 4 | - | 4 | - | - | - | - | | | | | - | - | - | 80 | 80 | - | - | 12 | - | 12 | - | - | 14 | 14 | | | | Other Restructuring: | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | | | Power & Vision | - | - | - | - | - | 15 | 44 | 4 | 4 | 67 | - | - | - | - | | | | Body Exteriors & Structures | - | - | - | 21 | 21 | - | - | 8 | - | 8 | - | - | - | - | | | | Seating Systems | - | - | - | - | - | - | - | - | 14 | 14 | - | - | - | - | | | | | - | - | - | 21 | 21 | 15 | 44 | 12 | 18 | 89 | - | - | - | - | | | [b] | Net (gains) losses on investments | | | | | | | | | | | | | | | | | | The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gain and losses on disposition, are recorded in Corporate. | | | | | | | | | | | | | | | | | [c] | Sale of business | | | | | | | | | | | | | | | | | | During the third quarter of 2021, the Company sold three Body Exteriors & Structures operations in Germany. Under the terms of the arrangement, the Company provided the buyer with 41 million of funding, resulting in a loss on disposal of 75 million. | | | | | | | | | | | | | | | | | [d] | Impairments and loss on sale of equity-accounted investments | | | | | | | | | | | | | | | | | | In Power & Vision, during the third quarters of 2020, the Company recorded impairment charges of 337 million on equity accounted investments, and In the fourth quarter of 2020, recorded a 10 million loss on the sale of its 50% interest in Dongfeng Getrag Transmission Co. Ltd. | | | | | | | | | | | | | | | | | [e] | Merger Agreement Termination Fee | | | | | | | | | | | | | | | | | | In the fourth quarter of 2021, Veoneer, Inc. (“Veoneer”) terminated its merger agreement with Magna. In connection with the termination of the merger agreement, Veoneer paid the Company a termination fee which, net of the Company’s associated transaction costs, amounted to 100 million. | | | | | | | | | | | | | | | | | [f] | Gain on business combinations | | | | | | | | | | | | | | | | | | In Seating Systems, during the first quarter of 2021, the Company recognized a 22 million gain on the on the change in basis of accounting for its previously held equity method investments. In Power & Vision, substantially all of the assets of the Company's European joint venture with Ford Motor Company, Getrag Ford Transmission GmbH, were distributed to either Ford or the Company, which resulted in the Company recording a gain of 18 million. | | | | | | | | | | | | | | |

All values are in US Dollars.

| Page 4 of 6 |

| --- | | The following table reconciles Net income (loss) attributable to Magna International Inc. to Adjusted net income (loss) attributable to Magna International Inc.: | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | Net income (loss) attributable to Magna International Inc. | | | 261 | (647) | 405 | 738 | 757 | 615 | 424 | 11 | 464 | 1,514 | 364 | (156) | 289 | 497 | | | | | | | | | | | | | | | | | | | | | Restructuring and impairments | | - | 136 | - | 101 | 237 | 15 | 31 | 20 | 17 | 83 | - | 361 | 12 | 373 | | | Net (gains) losses on investments | | - | - | (20) | (7) | (27) | (24) | (29) | 64 | (2) | 9 | 48 | 38 | 7 | 93 | | | Adjustments to Deferred Tax Valuation Allowance | [i] | - | - | - | - | - | - | - | - | (13) | (13) | (29) | - | - | (29) | | | Net (gains) losses on the sale of business | | - | - | - | - | - | - | - | 75 | - | 75 | - | - | - | - | | | Impairments and loss on sale of equity-accounted investments | [ii] | - | - | 200 | 19 | 219 | - | - | - | - | - | - | - | - | - | | | Merger Agreement Termination Fee | | - | - | - | - | - | - | - | - | (75) | (75) | - | - | - | - | | | Gain on business combinations | | - | - | - | - | - | (40) | - | - | - | (40) | - | - | - | - | | | | | | | | | | | | | | | - | | | - | | Adjusted net income (loss) attributable to Magna International Inc. | | | 261 | (511) | 585 | 851 | 1,186 | 566 | 426 | 170 | 391 | 1,553 | 383 | 243 | 308 | 934 | | Diluted earnings (loss) per share | | | $ 0.86 | $ (2.17) | $ 1.35 | $ 2.45 | $ 2.52 | $ 2.03 | $ 1.40 | $ 0.04 | $ 1.54 | $ 5.00 | $ 1.22 | (0.54) | 1.00 | $ 1.70 | | | | | | | | | | | | | | | | | | | | | Restructuring and impairments | | - | 0.46 | - | 0.34 | 0.79 | 0.05 | 0.10 | 0.06 | 0.06 | 0.27 | - | 1.24 | 0.04 | 1.27 | | | Net (gains) losses on investments | | - | - | (0.07) | (0.02) | (0.09) | (0.08) | (0.10) | 0.21 | (0.01) | 0.03 | 0.16 | 0.13 | 0.03 | 0.32 | | | Adjustments to Deferred Tax Valuation Allowance | [i] | - | - | - | - | - | - | - | - | (0.04) | (0.04) | (0.10) | - | - | (0.10) | | | Net (gains) losses on the sale of business | | - | - | - | - | - | - | - | 0.25 | - | 0.25 | - | - | - | - | | | Impairments and loss on sale of equity-accounted investments | [ii] | - | - | 0.67 | 0.06 | 0.73 | - | - | - | - | - | - | - | - | - | | | Merger Agreement Termination Fee | | - | - | - | - | - | - | - | - | (0.25) | (0.25) | - | - | - | - | | | Gain on business combinations | | - | - | - | - | - | (0.14) | - | - | - | (0.13) | - | - | - | - | | Adjusted diluted earnings (loss) per share | | | $ 0.86 | $ (1.71) | $ 1.95 | $ 2.84 | $ 3.95 | $ 1.86 | $ 1.40 | $ 0.56 | $ 1.30 | $ 5.13 | $ 1.28 | $ 0.83 | $ 1.07 | $ 3.19 | | [i] Adjustments to Deferred Tax Valuation Allowance | | | | | | | | | | | | | | | | | | In the fourth quarter of 2021 and first quarter of 2022, the Company recorded adjustments to the valuation allowance against its deferred tax assets in certain European countries and North America. The net effect of these adjustments was a reduction in income tax expense of 13 million and 29 million, respectively. | | | | | | | | | | | | | | | | | | [ii] Impairment charges | | | | | | | | | | | | | | | | | | Impairment charges relating to the Company's equity accounted investment for 2020 include 75 million attributable to non-controlling interest. | | | | | | | | | | | | | | | | |

All values are in US Dollars.

| Page 5 of 6 |

| --- | | Note 2: | SEGMENTED INFORMATION | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | 4th Q | TOTAL | 1st Q | 2nd Q | 3rd Q | TOTAL | | | Body Exteriors & Structures | | | | | | | | | | | | | | | | | | | Sales | 3,676 | 1,623 | 3,858 | 4,393 | 13,550 | 4,025 | 3,647 | 3,185 | 3,620 | 14,477 | 4,077 | 3,947 | 3,976 | 12,000 | | | | Adjusted EBIT | 199 | (315) | 390 | 543 | 817 | 327 | 227 | 98 | 168 | 820 | 229 | 191 | 225 | 645 | | | | Adjusted EBIT as a percentage of sales | 5.4% | -19.4% | 10.1% | 12.4% | 6.0% | 8.1% | 6.2% | 3.1% | 4.6% | 5.7% | 5.6% | 4.8% | 5.7% | 5.4% | | | Power & Vision | | | | | | | | | | | | | | | | | | | Sales | 2,523 | 1,298 | 2,722 | 3,179 | 9,722 | 3,156 | 2,881 | 2,501 | 2,804 | 11,342 | 3,046 | 2,888 | 2,911 | 8,845 | | | | Adjusted EBIT | 135 | (226) | 227 | 359 | 495 | 297 | 203 | 67 | 171 | 738 | 154 | 91 | 117 | 362 | | | | Adjusted EBIT as a percentage of sales | 5.4% | -17.4% | 8.3% | 11.3% | 5.1% | 9.4% | 7.0% | 2.7% | 6.1% | 6.5% | 5.1% | 3.2% | 4.0% | 4.1% | | | Seating Systems | | | | | | | | | | | | | | | | | | | Sales | 1,261 | 524 | 1,280 | 1,390 | 4,455 | 1,303 | 1,166 | 1,123 | 1,299 | 4,891 | 1,376 | 1,253 | 1,295 | 3,924 | | | | Adjusted EBIT | 40 | (84) | 66 | 85 | 107 | 55 | 26 | 22 | 49 | 152 | 49 | 2 | 35 | 86 | | | | Adjusted EBIT as a percentage of sales | 3.2% | -16.0% | 5.2% | 6.1% | 2.4% | 4.2% | 2.2% | 2.0% | 3.8% | 3.1% | 3.6% | 0.2% | 2.7% | 2.2% | | | Complete Vehicles | | | | | | | | | | | | | | | | | | | Sales | 1,321 | 933 | 1,402 | 1,759 | 5,415 | 1,850 | 1,490 | 1,255 | 1,511 | 6,106 | 1,275 | 1,403 | 1,213 | 3,891 | | | | Adjusted EBIT | 50 | 44 | 70 | 110 | 274 | 80 | 79 | 30 | 98 | 287 | 50 | 63 | 65 | 178 | | | | Adjusted EBIT as a percentage of sales | 3.8% | 4.7% | 5.0% | 6.3% | 5.1% | 4.3% | 5.3% | 2.4% | 6.5% | 4.7% | 3.9% | 4.5% | 5.4% | 4.6% | | | Corporate and other | | | | | | | | | | | | | | | | | | | Intercompany fees | (124) | (85) | (133) | (153) | (495) | (155) | (150) | (145) | (124) | (574) | (132) | (129) | (127) | (388) | | | | Adjusted EBIT | (21) | (19) | 25 | (2) | (17) | 11 | 22 | 12 | 22 | 67 | 25 | 11 | (1) | 35 | | | | Adjusted EBIT as a percentage of sales | 16.9% | 22.4% | -18.8% | 1.3% | 3.4% | -7.1% | -14.7% | -8.3% | -17.7% | -11.7% | -18.9% | -8.5% | 0.8% | -9.0% | | | Total | | | | | | | | | | | | | | | | | | | Sales | 8,657 | 4,293 | 9,129 | 10,568 | 32,647 | 10,179 | 9,034 | 7,919 | 9,110 | 36,242 | 9,642 | 9,362 | 9,268 | 28,272 | | | | Adjusted EBIT | 403 | (600) | 778 | 1,095 | 1,676 | 770 | 557 | 229 | 508 | 2,064 | 507 | 358 | 441 | 1,306 | | | | Adjusted EBIT as a percentage of sales | 4.7% | -14.0% | 8.5% | 10.4% | 5.1% | 7.6% | 6.2% | 2.9% | 5.6% | 5.7% | 5.3% | 3.8% | 4.8% | 4.6% | | Note 3: | CASH, CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS | | | | | | | | | | | | | | | | | | A reconciliation of Cash and cash equivalents and Restricted cash equivalents (included in prepaid expenses) to Total cash, cash equivalents and restricted cash equivalents is as follows: | | | | | | | | | | | | | | | | | | | | 2020 | | | | | 2021 | | | | | 2022 | | | | | | | | 1st Q | 2nd Q | 3rd Q | 4th Q | | 1st Q | 2nd Q | 3rd Q | 4th Q | | 1st Q | 2nd Q | 3rd Q | | | | Cash and cash equivalents | | (1,146) | (533) | (1,498) | (3,268) | | (3,464) | (3,426) | (2,748) | (2,948) | | (1,996) | (1,664) | (1,102) | | | | Restricted cash equivalents included in prepaid expenses | | (113) | (115) | (120) | (106) | | - | - | - | - | | - | - | - | | | | Total cash, cash equivalents and restricted cash equivalents | | (1,259) | (648) | (1,618) | (3,374) | | (3,464) | (3,426) | (2,748) | (2,948) | | (1,996) | (1,664) | (1,102) | |

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Exhibit 99.2

Q3 2022 Results November 4, 2022

Forward Looking Statements Q3 - 2022 RESULTS 2 Certain statements in this document constitute "forward - looking information" or "forward - looking statements" (collectively, "for ward - looking statements"). Any such forward - looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward - looking sta tements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other st atements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "aim", "forecast", "outlook", "proj ect ", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward - looking statements. The following table identifies the material forward - looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward - looking statements. Readers should also consider all of the risk factors which follow below the tab le: Material Forward - Looking Statement Material Potential Risks Related to Applicable Forward - Looking Statement Total Sales Segment Sales  Supply disruptions, including as a result of the semiconductor chip shortage currently being experienced in the industry ; and Russia’s invasion of Ukraine ;  The impact of the Russian invasion of Ukraine on global economic growth, and industry production volumes, as well as potential disruption of energy supply to Western European operations, particularly natural gas  The impact of rising interest rates and availability of credit on consumer confidence and, in turn, vehicle sales and production  The impact of deteriorating vehicle affordability on consumer demand, and in turn vehicle sales and production  Concentration of sales with six customers  Shifts in market shares among vehicles or vehicle segments  Shifts in consumer “take rates” for products we sell Adjusted EBIT Margin Net Income Attributable to Magna  Same risks as for Total Sales and Segment Sales above  Operational underperformance  Higher costs incurred to mitigate the risk of supply disruptions, including : materials price increases ; higher - priced substitute supplies ; premium freight costs to expedite shipments ; production inefficiencies due to production lines being stopped/restarted unexpectedly based on customers’ production schedules ; price increases from sub - suppliers that have been negatively impacted by production inefficiencies ; and potential claims against us if customer production is disrupted  Inability to offset inflationary price increases  Price concessions  Commodity cost volatility  Higher labour costs  Tax risks Expected Sequential Earnings Improvement  Same risks as for Adjusted EBIT Margin/Net Income Attributable to Magna above Equity Income  Same risks as Adjusted EBIT Margin and Net Income Attributable to Magna  Risks related to conducting business through joint ventures Free Cash Flow  Same risks as for Total Sales/Segment Sales, and Adjusted EBIT Margin/Net Income Attributable to Magna above

Forward Looking Statements (cont.) Q3 - 2022 RESULTS 3 Forward - looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward - looking statements, they are not a guarantee of future performance or outcomes. In addition to the factors in the table above, whether actual results and develo pme nts conform to our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, in clu ding, without limitation: Risks Related to the Automotive Industry  economic cyclicality;  regional production volume declines, including as a result of deteriorating vehicle affordability;  intense competition;  potential restrictions on free trade;  trade disputes/tariffs; Customer and Supplier Related Risks  concentration of sales with six customers;  emergence of potentially disruptive Electric Vehicle OEMs, including risks related to limited revenues/operating history of new OEM entrants;  OEM consolidation and cooperation;  shifts in market shares among vehicles or vehicle segments;  shifts in consumer "take rates" for products we sell;  dependence on outsourcing;  quarterly sales fluctuations;  potential loss of any material purchase orders;  a deterioration in the financial condition of our supply base; Manufacturing Operational Risks  risks arising from Russia’s invasion of Ukraine and compliance with the sanctions regime imposed in response;  impact of the semiconductor chip shortage on OEM production volumes and the efficiency of our operations;  supply disruptions, including with respect to semiconductor chips;  regional energy shortages and price increases;  skilled labour attraction/retention; Manufacturing Operational Risks (cont.)  product and new facility launch risks;  operational underperformance;  restructuring costs;  impairment charges;  labour disruptions;  risks related to COVID - 19;  climate change risks; IT Security/Cybersecurity Risk  IT/cybersecurity breach;  product cybersecurity breach; Pricing Risks  inflationary pressures:  pricing risks between time of quote and start of production;  price concessions;  commodity cost volatility;  declines in scrap steel/aluminum prices; Warranty / Recall Risks  costs related to repair or replacement of defective products, including due to a recall;  warranty or recall costs that exceed warranty provision or insurance coverage limits;  product liability claims; Acquisition Risks  competition for strategic acquisition targets;  inherent merger and acquisition risks;  acquisition integration risk; Other Business Risks  risks related to conducting business through joint ventures;  our ability to consistently develop and commercialize innovative products or processes;  intellectual property risks;  our changing business risk profile as a result of increased investment in electrification and autonomous driving, including: higher R&D and engineering costs, and challenges in quoting for profitable returns on products for which we may not have significant quoting experience;  risks of conducting business in foreign markets;  fluctuations in relative currency values;  tax risks;  reduced financial flexibility as a result of an economic shock;  changes in credit ratings assigned to us; Legal, Regulatory and Other Risks  antitrust risk;  legal claims and/or regulatory actions against us; and  changes in laws and regulations, including those related to vehicle emissions or made as a result of the COVID - 19 pandemic. In evaluating forward - looking statements or forward - looking information, we caution readers not to place undue reliance on any f orward - looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward - looking statements, including the risks, assumptions and uncertainties above which are:  discussed under the “Industry Trends and Risks” heading of our Management’s Discussion and Analysis; and  set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40 - F filed with th e United States Securities and Exchange commission, and subsequent filings. Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be als o found in our Annual Information Form.

4 Reminders All amounts are in U.S. Dollars Today's discussion excludes the impact of other expense (income), net ("Unusual Items") "Organic", in the context of sales movements, means "excluding the impact of foreign exchange, acquisitions and divestitures" Q3 - 2022 RESULTS

Key Messages – Q3 2022 Q3 - 2022 RESULTS 5 Improved YoY and sequential results in Q3 1. Expect sequential improvement in earnings again in Q4 2. Reduced 2022 outlook for sales and margin 3. Further progress in our go - forward strategy 4.

Current Market Dynamics Q3 - 2022 RESULTS 6 Tailwinds Auto forecasters expecting increased global light vehicle production in 2023+ Dealer inventory levels remain well below historical levels Underlying auto demand remains resilient Headwinds Continued supply constraints Input costs remain elevated Foreign currency translation due to stronger USD Impact of high inflation and rising interest rates on consumer demand

CONSOLIDATED SALES $9.3B Weighted GoM 1 3% +17% Q3 2022 Performance Highlights Q3 - 2022 RESULTS 7 ADJUSTED EBIT MARGIN % 4.8% +190 bps OTHER HIGHLIGHTS Paid out $125M in dividends ADJUSTED DILUTED EPS $1.07 +91% FREE CASH FLOW 2 - $210M Repurchased 3.1M shares for $180M 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production 2 Free Cash Flow is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other assets plus se ttlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets 3 Represents managed sales. Managed sales = consolidated sales + sales at 100% for unconsolidated entities Improved EBIT margin in every operating segment

Updated 2022 Outlook – Key Factors Q3 - 2022 RESULTS 8 Expect Sequential Earnings Improvement Q4/22 vs Q3/22 • Operating efficiencies at certain facilities ~15 bps ̶ Most significant is BES facility in Europe » Action plans in place » We expect progress improving run - rate of losses going forward • Lower volumes driving lower sales in key markets ~10 bps ̶ Reduced volumes in North America and Europe ̶ Partially offset by increased volumes in China ̶ Ongoing industry disruption costs: Start - stop, OEM release volatility » Previous outlook anticipated improvements • Modestly higher net input costs ~5 bps ̶ Lower sales of scrap steel and aluminum (~$20M) Reduction in 2022 Adjusted EBIT Margin %

Magna Enters Micromobility Market Q3 - 2022 RESULTS 9 • Utilizing Magna’s capabilities and platform technologies • Invested in Yulu and in growing battery - swapping business • Ongoing activities with delivery robots

Launching 48Volt Hybrid Transmissions Q3 - 2022 RESULTS 10 • Hybrid dual - clutch transmission debuted on the Jeep Renegade and Compass e - Hybrid, Fiat 500X and Tipo • Agreement includes additional hybrid models in the future for Europe • Scalable technology aids customers in the transition to vehicle electrification Magna’s 48 - Volt hybrid transmission system launches on several Stellantis models around the globe

Technology Recognitions from Automotive News Q3 - 2022 RESULTS 11

Q3 2022 Financial Results Q3 - 2022 RESULTS 12 Key Factors • Higher global light vehicle production and assembly volumes (+) • Launch of new programs (+) • Customer price increases to recover higher input costs (+) • Foreign currency translation: $774M or 10% ( - ) • Lower sales at facilities in Russia ( - ) • Customer price concessions ( - ) Q3'22 Production Global 24% North America 24% Europe 25% China 27% Magna Weighted 24% Consolidated Sales ($Billions) +17% $7.9 $9.3 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 Q3'21 Q3'22 Weighted GoM 1 3% 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production

Q3 2022 Financial Results Q3 - 2022 RESULTS 13 Adjusted effective tax rate of 25.5% vs 15.0% in Q3'21: • Lower R&D credits ( - ) • Change in the mix of earnings ( - ) • Favourable changes in reserves for uncertain tax positions (+) Adjusted Net Income Attributable to Magna of $308M, up $138M Adjusted EBIT & Margin ($Millions) +93% Adjusted EPS ($) +91% $0.56 $1.07 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Q3'21 Q3'22 $229 $441 2.9% 4.8% 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 50 100 150 200 250 300 350 400 450 500 Q3'21 Q3'22 Adjusted EBIT Margin % • Earnings on higher sales (+) • Commercial settlements (+) • Provision on engineering services contract with Evergrande in Q3'21 (+) • Higher tooling contribution (+) • Divestitures, net of acquisitions (+) • Higher net input costs ( - ) • Operating i nefficiencies at a facility in Europe ( - ) • Higher launch costs ( - ) • Higher net warranty costs ( - ) • Reduced earnings on lower sales at facilities in Russia ( - )

Q3 2022 Cash Flow and Investment Activities Q3 - 2022 RESULTS 14 Free Cash Flow 1 ($Millions) - $25 - $210 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 -$250 -$200 -$150 -$100 -$50 $0 Q3'21 Q3'22 OTHER USES OF CASH Net Repayment of Debt $10 Private Equity Investments $25 Repurchase of Common Shares $180 Dividends ($0.45/share) $125 Cash from Operations Before Changes in Operating Assets & Liabilities $591 Changes in Operating Assets & Liabilities ($353) Cash from Operations $238 Fixed Asset Additions ($364) Increase in Investments, Other Assets and Intangible Assets ($125) Proceeds from Dispositions $41 Free Cash Flow 1 ($210) 1 Free Cash Flow (FCF) is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other asset s p lus settlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets ($Millions)

Continued Financial Flexibility Q3 - 2022 RESULTS 15 ($Billions) Estimated LTD Principal Repayments (12/31/21) ($Millions) $455 $692 $771 $651 $3 $1,437 2022 2023 2024 2025 2026 Thereafter LEVERAGE RATIO (LTM, 09/30/22) Adjusted Debt $5.138 Adjusted EBITDA $3.695 Adjusted Debt / Adjusted EBITDA 1.39x TOTAL LIQUIDITY (09/30/22) Cash $1.1 Available Term & Operating Lines of Credit $3.5 Total Liquidity $4.6 Investment - grade ratings from Moody’s, S&P, DBRS

Financial Outlook – Key Assumptions Q3 - 2022 RESULTS 16 2021 JULY 2022 NOVEMBER 2022 Light Vehicle Production (millions of units) • North America 13.1 14.7 14.5 • Europe 16.0 16.4 16.0 • China 24.6 24.4 25.5 Foreign Exchange Rates • 1 CDN dollar equals USD 0.798 0.783 0.767 • 1 EURO equals USD 1.183 1.052 1.043 • 1 RMB equals USD 0.155 0.151 0.149 Changed from previous Outlook

2022 Outlook Q3 - 2022 RESULTS 17 2021 JULY 2022 NOVEMBER 2022 Sales: • Body Exteriors & Structures 14.5 16.0 – 16.6 16.0 – 16.4 • Power & Vision 11.3 11.7 – 12.1 11.6 – 11.9 • Seating Systems 4.9 5.3 – 5.6 5.2 – 5.4 • Complete Vehicles 6.1 5.1 – 5.4 5.0 – 5.2 Total Sales 36.2 37.6 – 39.2 37.4 – 38.4 Adjusted EBIT Margin % 1 5.7% 5.0% – 5.4% 4.8% – 5.0% Equity Income 148M 70M – 100M 75M – 100M Interest Expense 78M ~80M ~80M Income Tax Rate 2 19.8% ~21% ~21% Net Income Attributable to Magna 3 1.553 1.3 – 1.5 1.3 – 1.4 Capital Spending 1.4 ~1.8 ~1.7 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales 2 The Income Tax Rate has been calculated using Adjusted EBIT and is based on current tax legislation 3 Net Income Attributable to Magna represents Net Income excluding Other expense (income), net ($Billions, unless otherwise noted) Changed from previous Outlook

Free Cash Flow 1 Expectations Q3 - 2022 RESULTS 18 • Reduced earnings outlook ( - ) • Higher expected year end working capital ( - ) • Lower capital spending outlook (+) 2022 ($Billions) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 $0.7 - $0.9 $0.4 - $0.6  July 2022 Outlook  November 2022 Outlook 1 Free Cash Flow is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other assets plus se ttlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets

In Summary Q3 - 2022 RESULTS 19 • Further sequential earnings improvement expected in Q4 • Continued focus on improvements in our underperforming operations, managing costs and customer recoveries • Ongoing progress in our go - forward strategy Improved Results in Q3, Both YoY and Sequentially

Appendix – Q3 2022 Results Q3 - 2022 RESULTS 20

Q3 2022 Reconciliation of Reported Results 21 REPORTED OTHER EXPENSE, NET EXCL. OTHER EXPENSE, NET Income Before Income Taxes $ 400 $ 23 $ 423 % of Sales 4.3% 4.6% Income Tax Expense $ 104 $ 4 $ 108 % of Pretax 26.0% 25.5% Income Attributable to Non - Controlling Interests $ (7) $ - $ (7) Net Income Attributable to Magna $ 289 $ 19 $ 308 Earnings Per Share $ 1.00 $ 0.07 $ 1.07 Q3 - 2022 RESULTS ($Millions, except for share figures)

Q3 2021 Reconciliation of Reported Results 22 REPORTED OTHER EXPENSE, NET EXCL. OTHER EXPENSE, NET Income Before Income Taxes $ 27 $ 180 $ 207 % of Sales 0.3% 2.6% Income Tax Expense $ 10 $ 21 $ 31 % of Pretax 37.0% 15.0% Income Attributable to Non - Controlling Interests $ (6) $ - $ (6) Net Income Attributable to Magna $ 11 $ 159 $ 170 Earnings Per Share $ 0.04 $ 0.52 $ 0.56 Q3 - 2022 RESULTS ($Millions, except for share figures)

Sales Performance vs Market 23 REPORTED ORGANIC 1 PERFORMANCE VS WEIGHTED GLOBAL PRODUCTION (Weighted GoM) Body Exteriors & Structures 25% 31% 7% Power & Vision 16% 26% 2% Seating Systems 15% 25% 1% Complete Vehicles (3%) 13% (11%) TOTAL SALES 17% 27% 3% Unweighted Production Growth 24% Weighted Production Growth 2 24% 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production Q3 - 2022 RESULTS Q3 2022 vs Q3 2021

Sales Performance vs Market 24 REPORTED ORGANIC 1 PERFORMANCE VS WEIGHTED GLOBAL PRODUCTION (Weighted GoM) Body Exteriors & Structures 11% 16% 10% Power & Vision 4% 9% 3% Seating Systems 9% 17% 11% Complete Vehicles (15%) (5%) (11%) TOTAL SALES 4% 11% 5% Unweighted Production Growth 6% Weighted Production Growth 2 6% 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production Q3 - 2022 RESULTS 2022 YTD vs 2021 YTD

Geographic Sales Q3 - 2022 RESULTS 25  Q3 2021  Q3 2022 ASIA ASIA PRODUCTION 23% China Production 27% Q3 2022 vs Q3 2021 $3.9B $4.7B $0.0B $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B $3.5B $4.0B $4.5B $5.0B $3.1B $3.3B $0.0B $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B $3.5B $927M $1.2B $0M $200M $400M $600M $800M $1000M $1200M $1400M $96M $133M $0M $20M $40M $60M $80M $100M $120M $140M NORTH AMERICA PRODUCTION 24% EUROPE PRODUCTION 25% S.A. PRODUCTION 33% REST OF WORLD

2022 Segment Adjusted EBIT Margin Q3 - 2022 RESULTS 26  2021  July 2022 Outlook  November 2022 Outlook BODY EXTERIORS & STRUCTURES 5.7% 6.0 - 6.5% 5.8 - 6.1% SEATING SYSTEMS 3.1% 3.0 - 3.5% 2.1 - 2.4% POWER & VISION 6.5% 4.5 - 5.0% 4.3 - 4.6% COMPLETE VEHICLES 4.7% 3.8 - 4.3% 4.0 - 4.3%

Capital Allocation Principles Q3 - 2022 RESULTS 27 Disciplined, Profitable Approach to Growth Remains a Foundational Principle Q3 2022 Maintain Strong Balance Sheet • Preserve liquidity and high investment grade credit ratings - Adj. debt / Adj. EBITDA ratio between 1.0 - 1.5x LTM 9/30/22 1.39x • Maintain flexibility to invest for growth Invest for Growth • Organic and inorganic opportunities Fixed asset additions Other investments Private Equity Investments $ 364M $ 125M $ 25M • Innovation Return Capital to Shareholders • Continued dividend growth over time $ 125M • Repurchase shares with excess liquidity $ 180M

Segment Financial Performance Q3 - 2022 RESULTS 28 Adjusted EBIT Margin % • Earnings on higher sales (+) • Commercial settlements (+) • Higher tooling contribution (+) • Divestitures, net of acquisitions (+) • Higher net input costs ( - ) • Operating inefficiencies at a facility in Europe ( - ) • Reduced earnings on lower sales at facilities in Russia ( - ) • Higher global light vehicle production (+) • Launch of new programs (+) • Customer price increases to recover higher input costs (+) • Acquisitions, net of divestitures: $15M (+) • Foreign currency translation: $209M ( - ) • Lower sales at facilities in Russia ( - ) • Net customer price concessions ( - ) $3.2 $4.0 Q3'21 Q3'22 Sales ($Billions) 25% Adjusted EBIT & Margin ($Millions) 130% $98 $225 3.1% 5.7% 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0 50 100 150 200 250 Q3'21 Q3'22 BODY EXTERIORS & STRUCTURES

• Higher global light vehicle production (+) • Launch of new programs (+) • Customer price increases to recover higher production costs (+) • Foreign currency translation: $239M ( - ) • Net customer price concessions ( - ) Segment Financial Performance Q3 - 2022 RESULTS 29 POWER & VISION $2.5 $2.9 Q3'21 Q3'22 $67 $117 2.7% 4.0% 0.0 0.1 0.1 0.2 0.2 0.3 0 50 100 150 200 250 Q3'21 Q3'22 Sales ($Billions) 16% Adjusted EBIT & Margin ($Millions) 75% Adjusted EBIT Margin % • Earnings on higher sales (+) • Commercial settlements (+) • Higher net input costs ( - ) • Higher net warranty costs: $14M ( - ) • Higher launch costs ( - )

• Higher global light vehicle production (+) • Launch of new programs (+) • Customer price increases to recover higher production input costs (+) • Foreign currency translation: $103M ( - ) • Lower sales at facilities in Russia ( - ) • Divestitures: $9M ( - ) • Net customer price concessions ( - ) Segment Financial Performance Q3 - 2022 RESULTS 30 Adjusted EBIT Margin % • Earnings on higher sales (+) • Commercial settlements (+) • Higher net input costs ( - ) • Higher launch costs ( - ) SEATING $1.1 $1.3 Q3'21 Q3'22 $22 $35 2.0% 2.7% 0.0 0.0 0.0 0.0 0.1 0.1 0.1 Q3'21 Q3'22 Sales ($Billions) 15% Adjusted EBIT & Margin ($Millions) 59%

• Weaker euro: $207M ( - ) • Higher vehicle assembly volumes: 1.6K units (+) Segment Financial Performance Q3 - 2022 RESULTS 31 Adjusted EBIT Margin % • Provision on engineering services contract with Evergrande in Q3'21 (+) • Higher earnings on higher assembly volumes, net of contractual fixed cost recoveries on certain programs (+) • Higher net input costs ( - ) COMPLETE VEHICLES $1.3 $1.2 Q3'21 Q3'22 $30 $65 2.4% 5.4% 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0 10 20 30 40 50 60 70 80 90 Q3'21 Q3'22 Sales ($Billions) - 3% Adjusted EBIT & Margin ($Millions) 117%

END Q3 - 2022 RESULTS 32

Exhibit 99.3

REFINITIV STREETEVENTS EDITED TRANSCRIPT MG.TO - Q3 2022 Magna International Inc Earnings Call EVENT DATE/TIME: NOVEMBER 04, 2022 / 12:00PM GMT REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call CORPORATE PARTICIPANTS Louis Tonelli Magna International Inc. - VP of IR Patrick W. D. McCann Magna International Inc. - Executive VP & CFO Seetarama Swamy Kotagiri Magna International Inc. - CEO & Director CONFERENCE CALL PARTICIPANTS Adam Michael Jonas Morgan Stanley, Research Division - MD Christopher Patrick McNally Evercore ISI Institutional Equities, Research Division - Senior MD Colin M. Langan Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst John Joseph Murphy BofA Securities, Research Division - MD and Lead United States Auto Analyst Joseph Robert Spak RBC Capital Markets, Research Division - Autos and Leisure Analyst Michael W. Glen Raymond James Ltd., Research Division - Equity Research Analyst Peter Sklar BMO Capital Markets Equity Research - Consumer Analyst PRESENTATION Operator Greetings, and welcome to the Magna International Q 3 2022 Results Conference Call . (Operator Instructions) As a reminder, this conference is being recorded, Friday, November 4 , 2022 . It is now my pleasure to turn the conference over to Louis Tonelli, Vice President, Investor Relations . Please go ahead . Louis Tonelli - Magna International Inc. - VP of IR Thanks, Tina . Hello, everyone, and welcome to our conference call covering our Q 3 ' 22 results . Joining me today are Swamy Kotagiri, Vince Galifi and Pat McCann . Yesterday, our Board of Directors met and approved our financial results for Q 3 ' 22 . We finished -- we issued our press release this morning outlining our results . You'll find the press release, today's conference call webcast, the slide presentation to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna . com . Before we get started, just as a reminder, the discussion today may contain forward - looking information or forward - looking statements within the meaning of applicable securities legislation . Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements . Please refer to today's press release for a complete description of our safe harbor disclaimer . Please also refer to the reminder slide included in today's deck related to today's commentary . And with that, I'll pass it over to Swamy . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Thank you, Louis . Good morning, everyone . Happy to be here to provide a general update on Magna as well as our Q 3 results . Key takeaways from today's call . We continue to manage through a difficult operating environment and our results for the third quarter improved both on a year - over - year basis and on a sequential basis compared to last quarter, excluding the disappointing performance at certain facilities, which impacted our third quarter and is contributing to our reduced outlook, our results were in line with our expectations . 2 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

We expect another sequential improvement of earnings in Q 4 , including as a result of efforts to secure cost recoveries from customers, and we have reduced our sales and margin outlook for 2022 , mainly reflecting increased operating inefficiencies and lower production assumptions . And while we are highly focused on addressing short - term external and internal challenges, we continue to make progress on our go - forward strategy to drive our future business . Let me briefly cover the current dynamics impacting the industry . We continue to experience supply constraints in particular, semiconductors . Improvement in the second half of 2022 is not as much as expected . At this point, we anticipate some ongoing scheduled choppiness through the end of the year and into the first half of 2023 . Input costs remain elevated with higher energy costs in Europe, the most recent factor . We continue to make progress in customer recoveries and our discussions with customers continue . Relative to our previous outlook, we expect only a modest increase in our net input cost for 2022 . The stronger U . S . dollar relative to other currencies in which we operate, particularly the euro, continues to negatively impact our reported results . And there remains risk going forward that high inflation and rising interest rates will impact auto consumers . In terms of tailwinds, dealer vehicle inventories remained below historical levels . And to this point, underlying auto demand remains resilient and constrained by tight supply and global auto forecasters continue to expect increased light vehicle production in the coming years . Now turning to our third quarter earnings . Relative to the third quarter of 2021 , consolidated sales were $ 9 . 3 billion, up 17 % . On an organic basis, sales were up 27 % compared to a 24 % increase in global light vehicle production, representing 3 % weighted growth over market . This outgrowth includes the impacts of continuing customer recoveries . EBIT margin increased 190 basis points to 4 . 8 % . Increased vehicle production was the largest positive factor . Higher net input costs was the most significant offsetting factor in Q 3 . Our EBIT margin improved year - over - year in every operating segment . Our adjusted EPS rose 91 % to $ 1 . 07 for the quarter, and our use of free cash flow was $ 210 million in Q 3 . During the quarter, we repurchased 3 . 1 million shares using $ 180 million in cash and paid out another $ 125 million to shareholders in the form of dividends . Pat will take you through the details of our revised ' 22 outlook later . Let me take you through the broad strokes . Compared to our previous outlook, we are reducing adjusted EBIT margin at the midpoint by about 30 basis points to a range of 4 . 8 % to 5 % , mainly related to 3 factors . We are experiencing a higher level of operating inefficiency in a few facilities . The EBIT impact from these operating inefficiencies is about 15 basis points . The most significant is the BES facility that we have highlighted last quarter . We have identified the issues and action plans are in place . We expect progress in improving the run rate of losses going forward . Our lower volume assumptions in North America and Europe resulted in lower sales and relative to our last outlook, we are seeing more disruption costs from production schedule changes . These are partially offset by a contribution on higher sales in China . Together, the volume, sales and schedule volatility impact is approximately 10 basis points . Lastly, there has been some movement in a couple of areas of our net input costs, but overall, we are expecting about $ 20 million in higher costs, which is essentially the impact of lower sales of scrap steel and aluminum compared to our previous outlook as a result of lower market prices . Despite bringing our outlook down, we still expect improved sequential earnings in Q 4 relative to Q 3 , mainly reflecting lower net input costs, partially offset by higher engineering expense . While we are tackling short - term industry challenges, we continue to take steps in our go - forward strategy . We are leveraging Magna's capabilities and platform technologies in areas such as 48 - volt battery management, software stack and sensors to enter growing adjacent mobility markets such as micromobility . Our recent Yulu investment allows us to enter the world's largest growth market for 2 - wheeled electrified mobility with India's largest 2 - wheel electrified mobility as a service business and through both our collaboration with Cartken and our own internally developed robots we are addressing last - mile delivery . In the area of powertrain electrification, we are launching hybrid DCTs for Stellantis, starting with Jeep and Fiat models . Our agreement also includes additional future hybrid models for Europe . Our scalable hybrid technology is an important step in helping our customers electrify their fleet to improve fuel efficiency and performance and to meet regulatory requirements . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 3 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

To date, we have been awarded hybrid DCT business with 3 global OEMs, BMW, Mercedes and Stellantis . Earlier this year, we broke ground in our LG joint venture on a new facility in Mexico that will supply inverters, motors and onboard chargers . This is an important step in our ability to support our customers' powertrain electrification plans in North America . Lastly, we recently won another Automotive News PACE Award, our 6 th such award in the past 8 years or a solution that offers real - time die adjustments during the stamping process . We are also awarded an Automotive News PACE pilot innovation to watch for a better - performing aluminum die - cast alloy used for structural applications . The innovation provides both a lower cost and lower carbon footprint . These awards recognize our efforts to drive innovation and technological advancements across Magna and very proud of our continued success here . With that, I'll pass the call over to Pat . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Thanks, Swamy, and good morning, everyone . I'll start with a detailed review of the quarter . Global vehicle production increased 24 % in the quarter with all key markets up by a similar percentage . Our consolidated sales were $ 9 . 3 billion, up 17 % from the third quarter of 2021 . On an organic basis, our sales increased 27 % year - over - year, representing a 3 % weighted growth over market in the quarter . The increase was primarily due to higher global vehicle production, higher assembly volumes, the launch of new programs and price increases to recover certain higher input costs . These were partially offset by the negative impact of foreign currency translation, lower sales in Russia and customer price concessions . Adjusted EBIT was $ 441 million and adjusted EBIT margin increased 190 basis points to 4 . 8 % , which compares to 2 . 9 % in Q 3 2021 . The higher EBIT percent in the quarter reflects earnings on higher sales, commercial settlements, a $ 45 million provision on an engineering services contract with ever ground in Q 3 2021 , higher tooling contribution and divestitures of loss - making entities . These are partially offset by higher net input costs, operating inefficiencies at a facility in Europe, higher launch and net warranty costs and reduced earnings on lower sales at facilities in Russia . Equity income was down $ 7 million year - over - year to $ 27 million in the quarter . The decline reflects higher net input costs at certain equity - accounted entities and higher electrification spending in our LG JV to support new launches and additional growth, partially offset by earnings on higher sales at certain equity - accounted entities . Our adjusted effective income tax rate came in at 25 . 5 % . The higher rate compares to Q 3 2021 was due to lower R&D credits and a change in the mix of earnings, partially offset by favorable changes in reserves for uncertain tax positions . Net income attributable to Magna was $ 308 million, up $ 138 million compared to Q 3 2021 , reflecting higher EBIT and lower interest expense, partially offset by the higher income tax rate . Diluted EPS was $ 1 . 07 compared to $ 0 . 56 last year . Foreign exchange reduced our EPS by about 8 % -- sorry, $ 0 . 08 per share . I will now review our cash flows and investment activities . During the third quarter of 2022 , we generated $ 591 million in cash from operations before changes in working capital and invested $ 353 million in working capital . Investment activities in the quarter included $ 364 million for fixed assets, a $ 125 million increase in investments, other assets and intangibles and $ 25 million for our investment in Yulu mobility . Overall, we used $ 210 million of free cash flow in Q 3 . We also repurchased $ 180 million of our common shares and paid $ 125 million in dividends . At the end of the third quarter, our adjusted debt to adjusted EBITDA was 1 . 39 , and our liquidity remains strong at $ 4 . 6 billion, including $ 1 . 1 billion in cash . Next, I will cover our outlook . In North America and Europe, our most significant markets, we slightly reduced our vehicle production expectations from our previous outlook, and we increased our volumes in China . We assume exchange rates and our outlook will approximate recent rates . Given recent currency moves, we now expect a weaker euro, Canadian dollar and RMB for 2022 relative to our previous outlook . We have reduced and narrowed our expected ranges for segment and consolidated sales, largely reflecting lower volumes and the strengthening of the U . S . dollar, in particular, relative to the euro . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 4 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

As Swamy indicated earlier, we reduced and narrowed our EBIT margin expectations . We now expect a margin range of 4 . 8 % to 5 % compared to 5 % to 5 . 4 % previously . We slightly raised and narrowed our equity income expectations . Our expectation for net income attributable to Magna has been reduced and narrowed largely to reflect lower sales and lower adjusted EBIT margin and we lowered our expectations for capital spending this year . Lastly, we reduced our free cash flow projections to the range of $ 400 million to $ 600 million . This mainly reflects expected lower earnings and higher working capital, partially offset by lower capital spending . With respect to higher working capital, we have been carrying increased levels of safety stock, given ongoing supply chain volatility . We had expected that to decline by year - end . We are now assuming to remain above normal levels through the end of 2022 . The higher working capital also reflects a change in timing of tooling collections . In summary, our third quarter results were improved over both last year and last quarter, although we had expected a little bit better . We anticipate further sequential earnings improvement in the fourth quarter . We continue to focus on making improvements in our unperforming operations, managing our costs and obtaining customer recoveries to help address the current challenges and we are making ongoing progress in our go - forward strategy . Thanks for your attention this morning . We would be happy to answer your questions . QUESTIONS AND ANSWERS Operator (Operator Instructions) The first question comes from John Murphy, Bank of America . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Just a first question on the implied guide for the fourth quarter . I think at the midpoint of the range, the revenue was like $ 9 . 6 billion and the adjusted EBIT is about $ 550 million . So a marked improvement sequentially from the third quarter and a pretty significant improvement in profitability . Just wondering what the key factors are sequentially that are driving that because I mean it also looks like -- I mean, it's about $ 110 million improvement in EBIT sequentially and only $ 360 million improvement in revenues sort of at the midpoint . So it implies sort of some big incrementals as well . Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO John, thanks for the question . So looking from Q 3 to Q 4 , we provide a range . And if you look at the midpoint, I think roughly where you're looking that math makes sense . Big picture, when we had sales, we're seeing increased volumes from Q 3 into Q 4 , but we're also expecting higher recoveries as we progress through the year . A good portion of that is booked through revenues as well . And then the offset against that would be foreign exchange headwinds on translation . On the margin side, as you look at our progression of customer recoveries and our input costs on a net basis, we're expecting improvements in Q 4 relative to Q 3 . And then there's some small puts and takes, primarily spending and timing of engineering and then D&A increasing just a normal course as programs launch . Those would be the big drivers, John? John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Okay . That's helpful . And then just a second question . The commercial sentiment seemed like they're reasonably material, certainly in the third quarter and the fourth quarter . Pat, can you kind of allude to or really detail whether they are relative to cost inflation or relative to some of the costs that you're incurring from volatility and schedules that the automakers seem to be playing ball with? And how we should think about those go forward? So maybe third quarter actual, what you're expecting for the fourth quarter actual, how much of that is in period? And what is it specifically for cost inflation or volatility in schedules as well? NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 5 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO When we're breaking out our commercial recoveries, John, we're speaking specifically not about customer recoveries related to input costs or production volatility . That's reflected in our 565 or 570 number that we've been guiding previously . When we talk about commercial recoveries, this is normal course recoveries that we would have every month, I would say . So there's ups and downs . It just happened this quarter that they tended to go in our favor, but it covers areas such as (inaudible) launch production schedules, program cancellations . So there's a whole list -- launch list of issues that go into that category, and they bounce around from quarter - to - quarter like we said in the discussions, they just went in our favor this quarter, but we don't forecast those in our numbers . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Okay . And then just lastly, Swamy, philosophically, there used to be buffer stocks in the automotive value chain that used to sit on dealer lots as finished goods . That's now been worked down pretty dramatically . And this buffer stocks seem to be backing up into the suppliers like yourselves . I mean how long do you think you're going to maintain these buffer stocks? And I mean how consequential do you think this will be to 2023 ? Or is this something that will get worked out early in 2023 and you'll be back to pretty lean just - in - time inventory levels? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director John, great question . I think one of the big impacts that we have is due to the start - stop and because of trying to keep the continuity to the customers, obviously, leads to inventories within our plants and having these buffer stocks . The volatility has not improved as much as we had thought it would in the second half of this year . Hopefully, it does . And I think that will make a difference for sure in 2023 . But if you just look at the production versus the slack in the value stream down to the Tier N, I think, is going to determine how stable can production releases be and not just the release but being able to stick to the release I think, is going to make a difference . I believe it's going to start improving . But to get to a state of equilibrium, I think it's going to be a little bit beyond the first half of 2023 from what we see today . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst And I'm sorry, Swamy, just one follow - up on that . Will you know -- will you have an idea of this stability? Or is it just going to happen when it happens? I mean any guideposts you could look to . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director So John, I think typically, if you had asked me the question . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst It might give you a hard time -- a hard question . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director No, no, no, it's fine . If you had asked the question about 2 or 3 years ago, right, we would have said, we really had a decent view into 13 to 15 weeks out, right? We get releases from the customer 13 to 15 weeks out, but the issue has been the releases don't materialize when you come to it, right? The parts are not picked up or something changes and so on and so forth . That has been the issue . So get the release and hopefully, the release sticks, I think, is what we are hoping for starting next year . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 6 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Operator The next question comes from Adam Jonas, Morgan Stanley . Adam Michael Jonas - Morgan Stanley, Research Division - MD I just had a follow - up on the working capital safety stock question . Thanks for the clarity on maybe taking beyond first half for equilibrium, but what is the quantum of working cap that we kind of have trapped in the system just so we kind of have an idea of what's in the bathtub and what could come out over time? My first question . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Yes . Adam, I think when you look at the working capital, it's a bunch of things, obviously, right? And it changes from quarter - to - quarter a little bit and part of it is due to these buffers that we've been talking about . I think it's difficult to quantify exactly . Maybe we can look at year - to - year . At this point, I would -- I won't be very accurate, Adam, to quantify exactly how much of that working capital is due to buffers versus other things . I would attribute most of the change to the normal average working capital that we have versus what we're seeing now, definitely to the buffers and the safety stock . Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO And Adam, if I could just -- sorry, just getting some data, we did hear your question . But when we look at the working capital, Swamy's talking, there's a couple of buckets to it . So there's a safety stock that Swamy was referring to specifically . And when we look at that quarter, if we look -- if you look at our average inventory turns where we expect things to be, that number is probably in the $ 200 million type range . When you -- the other piece that is driving working capital higher than expectations when we get to year - end is really, when you look at -- the way the industry works, our working capital, our receivables are pretty automatic once they get into the system if they get paid per the OEMs, TNCs . The one area where we can get slippage and where we're realizing it is the timing of your PPAP approval and your collections on tooling . So that's also driving some of the higher receivables we see at year - end . So if you think about the inventory, $ 200 million of safety stock in that range and then the balance would be primarily related to timing of tooling collections . Adam Michael Jonas - Morgan Stanley, Research Division - MD That's really helpful color . Just as a follow - up, we're heading into a global downturn, we're in some form of global downturn already . And as a supplier, you felt it on the production schedules for years, you've already been in a downturn in many ways . So are you seeing any signs right now that your OEM customers might be cutting back on some of the science projects, focusing on more of the proven moneymakers like internal combustion? I mean argument could be made that when everyone is generating all - time high margins and money is free, that you can kind of launch on this -- the big ESG campaigns and the expensive stuff and sell loss - making EVs and AVs and all that . And maybe that posture changes into a downturn . I don't know if you're seeing any indication of that yet on the forward look to your customers? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Yes . Great question, Adam . I think when we look at the long - term planning, we usually are at the table talking about strategically 3 to 5 years out . And we've always talked about what is the sustainable plan when I say that long - term plan, taking into account the transition of the product from where we are over the next 10 years . We haven't significantly changed or seen a change in terms of their portfolio or program management . And obviously, we have an internal view also as we work on different call it platforms or product lines, an assessment of what we think, right, for the next 5 , 10 years . But I wouldn't say there has been a drastic shift on any of the customer viewpoints as we have various discussions today . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 7 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Operator The next question comes from Peter Sklar, BMO Capital Markets. Peter Sklar - BMO Capital Markets Equity Research - Consumer Analyst Pat, I'm just a little confused on what the net impact is of the not normal course commercial recoveries, but all these extraordinary inflationary impacts you're feeling on energy, rent, et cetera . So what is the impact in Q 3 ? And what is the impact in Q 4 when you look at that elevated level versus the commercial recoveries that you benefited from in Q 3 as you negotiated reimbursement for those extraordinary costs? Is it net - net a positive or negative? I'm just trying to figure out where you're at . Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Peter, let me try and clear it up . So when you're thinking about -- so forget about the commercial piece, if we're talking specifically about our 565 , we've talked about historically, we would have guided in the range of about 200 basis points in Q 1 and 200 basis points in Q 2 . When we got into Q 3 , the number is coming down and the impact, the headwind year - over - year would be in the range of about 180 basis points . And that's primarily as we -- our launch year from last year is a little bit elevated, but we're also -- our recoveries were back - ended . So when you work through the math, basically, we're looking as we move into Q 4 with a minimal amount of input cost headwinds on a year - over - year basis, Peter? Peter Sklar - BMO Capital Markets Equity Research - Consumer Analyst Okay. And then the 180 basis points since you're talking about the 565, that's a net number. That's elevated cost less recoveries. Correct? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Everything on a net basis, that's correct, Peter. Peter Sklar - BMO Capital Markets Equity Research - Consumer Analyst Yes . Okay . Next question . Could we have an update on management's thinking on how things could potentially unfold in Germany this winter, if there is an energy shortage? And if the German government was required to rush an industry I mean, how do you think that would play out? Do you think that they would curtail production of the auto industry in Germany? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Yes . I think as you can imagine, Peter, this is a little bit more societal than just the industry . And at least from the information that we see, the natural gas stocks seem to be ahead compared to the normal years . But you have to see the harshness of the winter and the rest of the stuff . But from our conversation, the industry in general is talking to the policymakers to safeguard as much as possible, but that is something to be seen . It's no different than any supply shortage . It only takes one component, right, in the entire supply chain to stop vehicle production . I think we are part of all these conversations with OEMs and policymakers to stay at the table to understand it . Other than being remaining agile to address that as it comes along, there is not a whole lot that we can do from our side other than production planning to the extent possible . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 8 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Peter Sklar - BMO Capital Markets Equity Research - Consumer Analyst And just my last question, the -- in your discussion on the downward revision to the margin guidance, the 30 basis points due to plant inefficiencies, if I do my math correctly, that's about a loss of $ 27 million in the quarter . I think you touched on it last quarter, but do you mind reviewing this plant in Europe that's incurring most of the loss, what it does and what the issue is there? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Yes . Peter, I think just a correction, Pat, I think it's 15 basis points, right? And you're right, Peter, most part of it is in one facility, as you mentioned in Europe . If you just step back and look at it, we had a capacity constrained . There was a change -- a little bit of a change in the program kind of put the facility over the cliff in terms of the capacity constraints and therefore, had to do some outsourcing of parts both to internal Magna divisions and external . As you can imagine, when you're shipping parts there is premium associated with it . And that is what has caused the issue that we are talking about . The issues have definitely been identified and there is an action plan in place clearly . As you can imagine, to rebalance the capacity, which will reduce the premium cost, it takes time . So the plan is in place . We understand the issue . Now it's just a matter of executing to that and bringing back capacity in an orderly way at reduced premium costs . I think that's what I meant when I talked about reducing glasses and improving run rates going forward . Operator The next question comes from Chris McNally, Evercore . Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD So just a real quick one because I think the comments around Q 4 were pretty important . So in the old framework, I think of the $ 560 million net, it was $ 400 million on an absolute basis in first half, $ 160 million implied in the second half . And I think the comments were that Q 4 would almost be neutral . Does that mean that there's a chance that maybe by the first half of the year given the normal pace of the conversations that we could have a tailwind from this noncommercial recovery inflationary bucket? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Chris, so your math is bang on . So when you look at $ 200 million, $ 200 million, the $ 160 million brings us to the $ 560 million all in . So there's a little bit of leakage year - over - year when we get into Q 4 . I think when we get into headwinds and tailwinds for 2023 , we are in the middle of working through our business planning process . And as you can imagine, the number of moving parts this year given inflation and energy, it's been an incredible process trying to work through it . If you remember, Chris, if you go back to our guidance from February of last year, we did break down inflation into a couple of buckets and we bucketed them basically between sticky inflation, primarily labor and then non - sticky inflation being commodities and since that time, energy as well . So when I think about a headwind, I don't think we're going to have a tailwind on labor, for sure . I think labor is a sticky type of scenario . We're going to work on automation projects and bringing efficiencies into the plants to negate those costs headwinds . When you think about the other bucket, primarily energy, it's really going to be dependent on what Swamy talked about earlier, whether it's rationing or one - off . That's one piece of it . But looking again just at the energy curves in Europe and where we settle, that's really going to be the big driver of how ' 23 shakes out . And then on top of all that, what we can recover as far as customer expectations? Sorry for the long answer . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 9 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD No, it's very helpful . And then maybe a second on Steyr and a lot of the interesting things going on in obviously Autotech and the IRA, just sort of a 2 - part question . Maybe an update or a reminder, discussed launching in the first half of next year . How does it work in terms of either cost overruns or the launch cadence, does Steyr take a little bit of a margin hit as you launched the program with them, just remind us how costs are shared . And then a bigger picture, Swamy, I'm sorry, I always ask this, but it sounds like there's the potential for a bigger move in Steyr in North America, it makes even more sense with everything domestic for IRA . So just any updates that you can share there on Steyr . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director So I think from a perspective, the North American footprint, we've always said that, and I think the answer still remains if there is an appropriate business case, we are very open for the footprint in North America . There is obviously various discussions on the topic, and they continue . As we've always said, we have remained very disciplined to say . It has to make sense in the long run . On the other part, Honestly, I don't think it's right on our part to talk about cadence of launches and so on, we would leave that to the customer and let them talk through it . We have so many launches that we do with various customers . We don't comment on it and we would -- it will be not in the right place for us to talk about a customer cadence and launch here . Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD And maybe Swamy, I forget about the specific case, just typically in a launch year for a new program, is there an investment period on Magna's part where the -- if I think about BMW historically, where Steyr margins would get? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director I would say that, obviously, it depends very much on the ramp curve and the launch and it differs from customer to customer . How they get their milestones is going to drive that . But usually, right, we take that into account as we are going through the planning process . And to the extent when their plan changes, obviously, because of programs, the maturity and so on and so forth, that is what Pat talked about how the launch there is puts and takes from one quarter to the other, depending on customers and programs . It's very difficult to say it is a one particular cadence every time during the launch . I mean, we see, in some cases, there is more . In some cases, I think it just sticks to the plan exactly . So it's difficult to quantify, I'm not trying to go around, but I wish I could give you a more concrete answer . Operator The next question comes from Joseph Spak, RBC CM . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Maybe just -- I know -- I think to John's first question, you talked a little bit about some of the factors here for the fourth quarter . If we single in specifically on BES and Power & Vision, where it seems like there's some larger quarter - over - quarter margin assumptions, it's almost like 190 basis points in BES and 150 in Power & Vision . I think BES, you sort of talked about, right, some of the efficiency improvements in Europe . I was wondering if you could help us help quantify maybe how much of that sequential improvement is there and what's driving the rest . And then what's driving the improvement in Power & Vision quarter - over - quarter? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Joe, we'll have to look at that . I don't -- sequentially, I don't have a good handle on looking at it by segment, I think . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 10 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Sorry, Joe, when you look at a couple of big items, if you are focusing on Q 3 , there is -- we did have the unusual warranty charge in the P&V group, which will -- it's obviously it's a onetime in nature . So that's one of the big drivers . When you look as well as far as customer recoveries, those 2 big groups do drive a disproportionate amount of the change in headwinds, just given the -- how they're heavy industrial groups . So that's another piece of it . And so those are the 2 big of top of my head issues . But as Louis said, we have the detail, we'll just have to put it into a tight package for you . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst We can follow - up . We can follow - up . I guess, maybe just one sort of quick one . You pointed to FX . Obviously, we could all sort of see that on our screens . I mean it seems like at current spot, that could be like maybe like $ 1 . 3 billion, $ 1 . 4 billion sort of top line hit to you next year . I was wondering if you could -- if you sort of -- if you think that sort of ballpark correct? And then just at the EBIT level, remind us, I think it's mostly translation, but is there also some transaction exposure you have within Europe or anything? Louis Tonelli - Magna International Inc. - VP of IR And my recollection, Joe, from past about a $ 0 . 01 change in euro - U . S . dollar is about $ 150 million annually . So it is pretty significant . Canadian dollar U . S . less significant, but it's probably per $ 60 million per $ 0 . 01 change . So depending on what assumptions you're making there, the number is going to be pretty big . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Yes . Okay . Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Sorry, Joe, on the second part of your question, you're correct . It's primarily translation impact . We do have a mature foreign exchange hedging process at Magna, which negates the majority of the transactional impacts . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Okay . And Swamy, I guess just a very big picture . I know you don't update the ' 24 targets you have, but at a very high level and no one sort of has a crystal ball on production . I just want to really understand, like if we do get back to the volume levels you assumed when you issued those targets, do you think that is still attainable? Or has something else happened since then that sort of structurally change that view? I guess, differently, like, is it really just sort of volume that's the key driver to sensitize what we should assume for ' 24 margin targets? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director So Joe, I think it's a good question . I think if you just fundamentally look at our operations and our plan, I would say it's very sound . Like you said, the key things are, one is volume . And in my previous comments I did mention is also equally important is the inefficiencies that are caused due to this start - stop in production . I would say those from an operational perspective and to be very transparent, we have to address the underperformance that I talked about . Other than that, if you look at the foundational part of it, I think we feel pretty good . The input costs and the inflation stickiness that Pat talked about is obviously going to have an impact on how we do and what we do . In short, I think if the extraneous events are not volatile and are not NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 11 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

changing significantly, then I would say the margins that we have talked about are very reachable . So there is not an underlying that puts a question mark . We feel pretty confident, but we've got to address all these market conditions that we're going through right now . Operator The next question comes from Colin Langan of Wells Fargo. Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Just to clarify, I mean, what is the light vehicle production assumption when we're looking quarter - over - quarter? Because your growth, I think, at the midpoint is something like 4 % . I know a lot of suppliers are talking more flattish . I mean is that sort of 4 % ? Louis Tonelli - Magna International Inc. - VP of IR You talk about global Q4? Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Yes. Just overall, Global Q4 what your kind of baseline is? Louis Tonelli - Magna International Inc. - VP of IR I can tell you -- so our assumption for the full year, so year - over - year is about plus 2 % , which I think is pretty much in line with maybe even a little conservative about IHS . That's where we are, full year globally . Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Okay . All right . And if I look at the Q 4 sort of implied rate, margins sort of jumped to like 5 , 7 - ish at that point . How should we think of it? Is that the right launch sort of rate as we look into 2023 ? Or are there some seasonality or any maybe retroactive recoveries that are impacting that sort of exit rate? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Yes . I think all of the above apply, Colin . Like I said earlier, we're really in the middle of a budget cycle here that we're kicking off . We are going to come to the market in February with our Q 4 results given that guidance . It wouldn't be fair for us to give a number at this point because what we're really trying to see is where we're going to land . Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Okay. And just lastly, any retroactive recoveries in the Q3 and Q4 results that we should be thinking about? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Yes . So there are . If you think about the cadence of our headwinds on our net input cost of the 565 that we had guided earlier, it gives you a perspective that they were front - loaded . And part of that benefit in the second half of the year and part of it was just the year - over - year impact on NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 12 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

the cost side of it . But the other piece of it is we are -- some of our recoveries are geared towards the back half of the year and a portion of that would relate to the first half . Louis Tonelli - Magna International Inc. - VP of IR But we have broken it down, so we haven't met that detail . Operator (Operator Instructions) Our next question comes from Michael Glen at Raymond James . Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst I just want to dig into the Europe Energy situation just a little bit more . So if we look back earlier this year, you guys had increased that cost guidance based on energy prices in Europe . And if you look at the way energy prices in Europe trended in front half of the year versus what we saw in Q 3 , in particular, you had some pretty significant escalation take place in the Europe energy market, but it doesn't feel like you guys saw much pressure from that . I'm just trying to understand how -- when we're looking at the spot market for natural gas, how we should think about that translating or impacting your results? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Maybe I'll start, Pat, you can add . I think if you look at the energy cost, both the gross costs were higher and also expected recoveries were higher . But overall, I should say, the net cost for us are higher . Obviously, we can -- the discussions with the OEM are, I think they understand the issue, right, as we have some of these discussions . You can give a bit details obviously with the granularity of the discussions in each case, I would say that that's the key point, Pat? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Great . And I think the other thing, Mike, you have to think through as well as we do have hedging on energy to protect or lock in our secure supply related to that . So it's not -- we're just not looking at the 30 - day forward curve and our numbers are moving up and down . The majority is what Swamy talked about that we're in to the customers, like most of our competitors on energy because it's such a significant impact . That's the first piece . And it spiked in Q 3 for a short period of time . And if you look at the curves today, they're back down to March levels . So I think the market is really bouncing around, but we're tracking it and managing it with the customers . Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst So at this point, would you say then that energy is now largely on pass - through with customers? Has that now been embedded into your arrangements? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO I think when -- so part of this, Mike, I think we're in a situation where in our main markets, we've operated in a virtually 0 inflation environment . Some of our other markets, whether it's in Brazil or Turkey or some of these evolving markets, we've had success in passing these costs through . So we're lifting that model and using it in our more traditional areas . On a go - forward basis, when you think about energy or anything else, we can derisk our quotes on . That's one thing we have done to move the economics into it . When you think about what Swamy's talking about, we're talking specifically going in with raw data, factual, a good portion of the cost . That's not just our utility bill . Those are surcharges coming through NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 13 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

suppliers and some of those suppliers are direct suppliers . So we are going through with facts, with data fully transparent and having a discussion with them . And Mike, if you remember, we spoke earlier, it's an industry issue . It's not a Magna issue, and we've had more success when it's more of a broad industry issue . Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst Okay . That's good information . And then finally, just in terms of what you're thinking about from a technology investment standpoint, you've shown appetite to invest in some early technology ventures over time . I'm just wondering, is there anything on the battery side, battery materials, battery technology . I know you produce the battery trays, but is there any appetite for you to step in and get involved in the battery in any significant way? Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director So I think the -- I guess the appetite or our direction in investing in some of the technologies has always been very thoughtful . We have a road map in terms of where our technology and our products sit today and how we see them evolving given how the vehicle of the future is evolving . So it's very well thought through how we're doing what we do, and we are following that process . On the specific topic on the batteries, I think as we sit back and look at it from a system perspective, as you said, we make the battery enclosures, but there is enough tank which gives us a front - row seat of understanding how the thermal management is done, how the controls from a battery management perspective . If you look at our LG joint venture, what we do there in terms of the onboard chargers and so on and so forth . I think from that perspective, we are focused on figuring out where can we play a role in the ecosystem . But I would say sales at the cell level is not something that we are currently looking at . Operator That was our final question . I'll turn the call back over to Swamy Kotagiri for any closing remarks . Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Thanks, everyone, for listening in . We are obviously still facing a challenging industry environment . We remain focused on working with our customers to address cost inflation . And equally important, we are focused on addressing our underperforming operations . Thank you . Enjoy the rest of your day . Operator Thank you . This does conclude the conference call for today . We thank you for your participation and ask that you please disconnect your lines . Thank you, and have a good day . NOVEMBER 04, 2022 / 12:00PM, MG.TO - Q3 2022 Magna International Inc Earnings Call 14 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

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