NEW YORK (AP) — Canadian automotive supplier Magna International Inc. on Wednesday said it expects to post 2008 sales of between $24.9 billion and $26.2 billion, based expectations of lower vehicle production.
Analysts polled by Thomson Financial expect the company to post 2008 sales of $25.97 billion. The company posted 2007 sales of $26.07 billion.
Magna said it expects full-year 2008 light vehicle production volumes to fall to about 14.4 million units in North America from 15.1 million in 2007, while European production is expected to drop to 15.6 million units from 15.9 million last year.
The company said it expects its full-year 2008 average dollar content per vehicle to be between $845 and $875 in North America, compared with $859 in 2007. European average dollar content is expected to be between $450 and $475, up from $435 last year.
Full-year 2008 complete vehicle assembly sales are expected to total between $3.6 billion and $3.9 billion, down from $4 billion the year before, Magna said.