The Ontario auto-parts giant reported a nearly four per cent year-on-year decline in sales last quarter to about US$10.3 billion, and a nearly 23 per cent increase in net income to US$484 million. The firm announced plans to buy back about 10 per cent of its publicly traded common shares, resuming its share repurchase plan ahead of schedule. (The Logic)

Talking point: CEO Swamy Kotagiri said on an earnings call that capital has been freed up now that the company has passed the “brick and mortar” phase of making major investments in new EV plants, and is focused on operating them.“The [electrified vehicle] is a secular trend. The trajectory is a little bit unpredictable,” he said, “but when it comes, that will serve as a tailwind for us.” Still, Magna cut its 2024 sales expectations to $42.2 billion to $43.2 billion, down from the previous range of $42.5 billion to $44.1 billion, predicting that automakers will produce fewer vehicles globally this year. Magna also recognized US$196 million in deferred revenue from bankrupt EV startup Fisker, and said it’s now in talks with new customers for its vehicle-assembly division.