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January 10, 2003
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This Week:

• Toyota Premieres Fine-S Fuel-Cell Concept At NAIAS In Detroit

• Audi Pikes Peak quattro: dynamism, design and space

• DaimlerChrysler Corporation Provides Dodge Ram Truck, Trench Rescue Equipment to Detroit Fire Department 

• The xActivity SAV concept makes its world debuts at 2003 NAIAS

• Ford FREESTYLE FX Is The World's First Purpose-Built Crossover Vehicle

• Record Year for the 911 in North America

• First Production Chevy SSR To Appear At NAIAS

• Mercedes-Benz Extends Its Leading Position in the World Market for Premium Automobiles in 2002

• Avantime expands its range with a Hélios special edition

• Magna announces 2003 outlook

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Magna announces 2003 outlook

Aurora, Ontario - Magna International Inc announced its outlook for both the full year and the first quarter of 2003. The Company expects its automotive sales for the full year 2003 to range from CAD$13.3 billion to CAD$14.1 billion, based on full year 2003 light vehicle production volumes of approximately 16.0 million units in North America and approximately 16.2 million units in Europe. North American light vehicle production volumes in 2003 are expected to be approximately 3% lower than 2002 volumes. Further, the Company expects full year 2003 average dollar content per vehicle to be between CAD$480 and CAD$500 in North America and between CAD$270 and CAD$290 in Europe. Diluted earnings per share from operations(1) for 2003 are expected to be in the range of CAD$5.90 to CAD$6.40.

In addition, the Company expects that full year 2003 spending for fixed assets for its automotive business will be in the range of CAD$750 million to CAD$800 million.

The Company expects its automotive sales for the first quarter of 2003 to be between CAD$3.1 billion and CAD$3.3 billion, based on first quarter 2003 light vehicle production of approximately 4.0 million units in North America and 4.1 million units in Europe. Light vehicle production volumes in the first quarter of 2003, for North America and Europe, respectively, are expected to be approximately 2% and 3% lower than 2002 volumes. In addition, the Company expects first quarter 2003 average dollar content per vehicle to be between CAD$460 and CAD$475 in North America and between CAD$240 and CAD$255 in Europe. Diluted earnings per share from operations(1) for the first quarter of 2003 are expected to be in the range of CAD$1.25 to CAD$1.45.

The Company also announced its outlook for growth in content per vehicle from 2002 to 2005. The Company expects 2005 content per vehicle to be in the range of CAD$580 to CAD$620 in North America and in the range of CAD$370 to CAD$410 in Europe. This represents a 3-year compound average growth rate in content per vehicle, for North America and Europe combined, in the range of 12% to 16%.

In addition, the Company reaffirmed its outlook for earnings per share from operations(1) for both the full year and fourth quarter of 2002 as described in its press release dated November 7, 2002.

The Company's results are expected to continue to be impacted by the uncertain conditions that are affecting the automotive industry generally, including excess OEM production capacity, production cut-backs, OEM price concessions under long-term arrangements and general economic uncertainty.

(Jan 7, 2003)