<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>dec19_2003press.txt
<DESCRIPTION>PRESS RELEASE DATED DECEMBER 19, 2003
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[MAGNA LOGO]                                          EXHIBIT 99

                                                      Magna International Inc.
                                                      337 Magna Drive
                                                      Aurora, Ontario L4G 7K1
                                                      Tel  (905)726-2462
                                                      Fax  (905)726-7164

                                     PRESS RELEASE

                                MAGNA ANNOUNCES CHARGES

December 19, 2003, Aurora, Ontario, Canada ... Magna International Inc.
TSX: MG.A, MG.B; NYSE: MGA) announced today that it expects to incur charges
that would negatively impact diluted earnings per share by approximately
$0.28 in the fourth quarter of 2003.

In its press release dated November 5, 2003, the Company indicated that
its outlook for diluted earnings per share from operations(1) was expected to
be in the range of $1.50 and $1.70 for the fourth quarter of 2003 and in the
range of $6.12 to $6.32 for the full year 2003. The outlook above excluded
the potential effects of the Company's impairment review associated with the
Canadian Institute of Chartered Accountants ("CICA") Handbook Sections 3062
and 3063 related to Goodwill and Other Intangible Assets and Impairment of
Long-Lived Assets, respectively.

On December 10, 2003, Decoma International Inc. ("Decoma"), a publicly
traded subsidiary of the Company, issued a press release disclosing that it
had completed a review of its United Kingdom and Continental Europe
operations and expected to incur a charge of approximately $23 million
associated with asset impairments and severance costs. The charge is expected
to negatively impact the Company's diluted earnings per share by
approximately $0.18 in the fourth quarter of 2003.

In addition, the Province of Ontario recently announced that it would
increase corporate income tax rates in the province commencing in 2004. As a
result of this announcement, the Company is required to revalue upwards its
future tax assets and liabilities to reflect the increased corporate income
tax rates and accordingly, expects to incur a charge of approximately $10
million or $0.10 per share in the fourth quarter of 2003.

The Company continues to expect diluted earnings per share from
operations(1) to be in the range of $1.50 to $1.70 for the fourth quarter of
2003 and in the range of $6.12 to $6.32 for the full year 2003, excluding the
potential effects of the Company's ongoing impairment review.

Magna, the most diversified automotive supplier in the world, designs,
develops and manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North
America, Europe, Mexico, South America and Asia. Magna's products include:
automotive interior and closure components, systems and modules through
Intier Automotive Inc.; metal body systems, components, assemblies and
modules through Cosma International; exterior and interior mirror and
engineered glass systems through Magna Donnelly; fascias, front and rear end
modules, plastic body panels, exterior trim components and systems,
greenhouse and sealing systems, roof modules and lighting components through
Decoma International Inc.; various engine, transmission and fueling systems
and components through Tesma International Inc.; and a variety of drivetrain
components and complete vehicle engineering and assembly through Magna Steyr.

Magna has approximately 72,000 employees in 201 manufacturing operations
and 48 product development and engineering centres in 22 countries.

        (1) The Company measures and presents net income from operations and
            diluted earnings per share from operations because they are
            measures that are widely used by analysts and investors in
            evaluating the operating performance of the Company. However, net
            income from operations and diluted earnings per share from
            operations do not have any standardized meaning under Canadian
            generally accepted accounting principles and are therefore
            unlikely to be comparable to similar measures presented by
            other companies.

            Net income from operations and diluted earnings per share from
            operations are based on net income and diluted earnings per share
            as prepared in accordance with Canadian Generally Accepted
            Accounting Principles but exclude the following non-operating
            items: Other income (net of related taxes), certain future income
            tax recoveries and charges associated with enacted or
            substantially enacted changes in income tax rates, and in the
            case of diluted earnings per share, the dilutive impacts of
            foreign exchange losses on redemption of Convertible Subordinated
            Debentures.

For further information: please contact Vincent Galifi or Louis Tonelli
at (905) 726-7100

This press release may contain "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
future results and performance to be materially different from those
expressed or implied in these statements. These risks, assumptions and
uncertainties include, but are not limited to: global economic conditions
causing decreases in production volumes; price reduction pressures; pressure
to absorb certain fixed costs; increased warranty, recall and product
liability risk; the impact of financially distressed sub-suppliers;
dependence on outsourcing by automobile manufacturers; rapid technological
and regulatory change; increased crude oil and energy prices; dependence on
certain vehicle programs; fluctuations in relative currency values;
unionization activity; threat of work stoppages; the competitive nature of
the auto parts supply market; program cancellations, delays in launching new
programs and delays in constructing new facilities; completion and
integration of acquisitions; disruptions caused by terrorism or war; changes
in governmental regulations; the impact of environmental regulations; and
other factors as set out in the Company's Annual information Form and annual
report on Form 40-F for its financial year ended December 31, 2002 filed with
the Canadian securities commissions and the SEC respectively and subsequent
public filings. The Company disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise.



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