<SEC-DOCUMENT>0001104659-23-082695.txt : 20230824
<SEC-HEADER>0001104659-23-082695.hdr.sgml : 20230824
<ACCEPTANCE-DATETIME>20230720155625
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ACCESSION NUMBER:		0001104659-23-082695
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGNA INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000749098
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		337 MAGNA DRIVE
		STREET 2:		N/A
		CITY:			AURORA, ONTARIO, CAN
		STATE:			A6
		ZIP:			L4G 7K1
		BUSINESS PHONE:		9057262462

	MAIL ADDRESS:	
		STREET 1:		337 MAGNA DRIVE
		STREET 2:		N/A
		CITY:			AURORA, ONTARIO, CAN
		STATE:			A6
		ZIP:			L4G 7K1
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    <TD STYLE="width: 71%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2321743d1_correspimg001.jpg" ALT="http:||magnet.magna.global|en|Functions|marketing|Magna%20Logos|Magna-Logo-HR.jpg" STYLE="height: 39px; width: 177px"></FONT></TD>
    <TD STYLE="width: 29%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Magna International Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">337 Magna Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aurora, Ontario, Canada L4G 7K1</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MAIN</B> &nbsp;&nbsp;&nbsp;&nbsp;(905) 726-2462</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OFFICE</B> (905) 726-7070</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">magna.com</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Jeffrey Gordon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="font-size: 10pt; width: 0.5in"><B>RE:</B></TD><TD STYLE="font-size: 10pt"><B>Magna International Inc.</B></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Form 40-F for the Year Ended December 31, 2022</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Filed March 31, 2023</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Form 40-F/A for the Year Ended December 31, 2022</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Filed April 27, 2023</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">File No. 001-11444</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Gordon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We confirm receipt on July 10,
2023 of your letter dated June 8, 2023 (the &ldquo;Letter&rdquo;) providing comments by Staff of the Securities and Exchange Commission
(the &ldquo;Staff&rdquo;) regarding Magna International Inc.&rsquo;s (together with its subsidiaries, &ldquo;Magna&rdquo; or the &ldquo;Company&rdquo;)
Form 40-F for the Year Ended December 31, 2022 Filed March 31, 2023 and Form 40-F/A for the Year Ended December 31, 2022 Filed April 27,
2023. Set forth below are the Company&rsquo;s responses to your comments. For your convenience, we have reproduced such comments in the
order provided, followed by the Company&rsquo;s corresponding response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Form 40-F/A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Exhibit 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 1. Significant Accounting Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Revenue Recognition, page 5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1.</I></FONT></TD><TD STYLE="text-align: justify"><I>We note your discussion of the products offered by each of your reporting segments on pages 31 through
38 of Exhibit 1. Please tell us how you considered the guidance in ASC 606-10-50-5 when determining your disclosures related to the disaggregation
of revenue in your financial statements. In addition, tell us how you considered the guidance in ASC 280-10-50-40 in concluding on the
need to present revenues from external customers for each product and service or each group of similar products and services.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Company Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We considered the guidance in ASC 606-10-50-5
when determining the categories by which to disaggregate revenue recognized from contracts with customers. We determined that revenue
disaggregated by operating segment, business activity, external customer, and geographic region provides useful information for users
of the Company&rsquo;s financial statements to understand key drivers of its revenues and cash flows, while also depicting how the nature,
amount, timing, and uncertainty of revenue and cash flows are affected by economic factors as required by ASC 606-10-50-5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s operating segments are organized based on product similarities, technological opportunities,
and market and operating factors. These factors are relevant to the nature, amount, timing, and uncertainty of revenue and cash flows.
For instance, the Company&rsquo;s Complete Vehicles operating segment enters into complete vehicle assembly contracts with customers,
which are complex and often include multiple distinct performance obligations, whereas its other operating segments do not enter into
similar types of contracts with customers. The Company&rsquo;s Power and Vision operating segment is directly aligned with key technology
trends such as electrification and autonomous driving, whereas these trends may not directly impact its other segments as significantly.
The Company&rsquo;s operating segments Seating and Body Exteriors &amp; Structures are primarily organized on their product similarities.
Disaggregation of revenues by operating segment disclosed in <I>Note 22. Segmented Information</I> provides users with insight into revenues
and cash flows at a level at which the nature, amount, timing, and uncertainty of revenue and cash flows are affected similarly by economic
factors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We do not believe that further disaggregation
of revenues by product type beyond what is the Company&rsquo;s operating segments would provide useful information as to how its revenues
and cash flows are influenced by economic factors. As listed in the Products &amp; Services section of the 2023 Revised Annual Information
Form dated April 26, 2023, there are over 50 different categories of products that the Company manufactures as a global supplier of automotive
parts &ndash; a level of disaggregation of revenues that would not provide meaningful information to users of financial statements. The
Company does not maintain detailed accounting information disaggregated by individual product, as it does not internally measure performance
this way. Additionally, a product is generally customized to a customer and vehicle platform, leading to variation in each specific product&rsquo;s
nature, volumes, and price; this variability lessens the ability to derive further meaningful revenue and cash flow performance insights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Also, in consideration of the guidance
in ASC 606-10-55-90, we considered the level at which revenue is disaggregated for regular review by the chief operating decision maker
to evaluate the Company&rsquo;s financial performance or make resource allocation decisions. This review is performed at an operating
segment level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify">The Company also performs tooling and engineering activities for its customers that are not part of a
long-term production arrangement. Total tooling and engineering sales are disclosed in <I>Note 1. Significant Accounting Policies</I>
given the nature, amount, and timing of revenue and cash flows related to tooling and engineering revenue are distinct from production
revenues. For instance, tooling and engineering revenue may be recognized at a point in time or over time, with progress payments, lump
sum payments, or a price per part, depending on the specific facts and circumstances of the arrangement, whereas production revenues are
recognized at a point in time with payment terms that are customary in the industry, typically 30 to 90 days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify">The Company discloses revenues by external customer and geographic region in <I>Note 22. Segmented Information.
</I>Disaggregation of revenue for these categories enables users of the financial statements to evaluate trends in external customer performance
and economic trends in automotive producing regions, which provides insight into economic factors that impact the Company&rsquo;s revenue
and cash flows.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We have considered the guidance in&nbsp;ASC
606-10-55-91 and based on our evaluation, we believe the Company has met the disclosure objectives in ASC&nbsp;606-10-50-5 as the categories
by which the Company disaggregates revenues provides the most useful information for users of financial statements and is in line with
how the Company manages its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In determining entity-wide disclosures,
we considered the guidance in ASC 280-10-50-40, which requires disclosure of revenues from external customers for each group of similar
products and services, which we have determined is the operating segment level. Consistent with the discussion and analysis above on operating
segments, each operating segment represents a group of similar products and services, and we do not believe that further disaggregation
of revenues by product type would provide meaningful insights. Additionally, we considered the guidance in ASC 280-10-50-38, which notes
that information required by ASC 280-10-50-40 needs to be provided only if it is not provided as part of the reportable operating segment
information required. We have concluded that the reportable operating segment information meets the requirements of this guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Exhibit 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Management's Discussion and Analysis of
Results of Operations and Financial Position</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Results of Operations, page 5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>2.</I></FONT></TD><TD STYLE="text-align: justify"><I>In future filings, please discuss in greater detail the business reasons for the changes between periods
in your sales and expense line items. In addition, enhance your disclosure to also discuss the business reasons for the changes between
periods in the significant line items of each of your segments. In doing so, disclose the amount of each significant change in line items
between periods and the business reasons for it. In circumstances where there is more than one business reason for the change, quantify
the incremental impact of each individual business reason discussed on the overall change in the line item. For example, your disclosure
on page 5 indicates that sales increased primarily due to (i) the launch of new programs during or subsequent to 2021, (ii) higher global
light vehicle production and (iii) customer price increases to recover certain higher production input costs, but it is unclear how significantly
each of these factors impacted your sales. Please refer to Item 303(a)(3) of Regulation S-K for further information.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Company Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">We acknowledge Staff&rsquo;s comment.
However, we recognize that judgment is required in determining the level of quantitative detail necessary to ensure the Company&rsquo;s
performance is adequately explained. In analyzing each factor cited, the Company evaluates both qualitative and quantitative impacts and
discloses significant factors in order of importance. We believe disclosing certain items qualitatively provides an understanding of the
factors that have materially affected the Company&rsquo;s results. In future MD&amp;A filings, we will endeavour to provide further quantitative
information about material factors when such data has a significant impact on understanding the Company&rsquo;s financial performance
and is reasonably quantifiable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>3.</I></FONT></TD><TD STYLE="text-align: justify"><I>You state that you continue to experience elevated inflation in all markets in which you operate, with
higher commodity, energy, labour, freight and other production input pricing expected to persist throughout 2023 and 2024. In future filings,
please expand to identify the principal factors contributing to the inflationary pressures the company has experienced and clarify the
resulting impact to the company.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Company Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Exhibit 1 (Annual Information Form)
of Magna&rsquo;s 40-F/A contains disclosure pertinent to the factors contributing to elevated inflation. Such disclosure can be found
under the heading &ldquo;Macroeconomic, Political and Other Trends&rdquo; in Exhibit 1 under the following subheadings: &ldquo;Inflationary
Price Increases,&rdquo; &ldquo;Supply Chain Disruptions,&rdquo; &ldquo;Russian Invasion of Ukraine,&rdquo; &ldquo;Impact of COVID-19 Pandemic,&rdquo;
and &ldquo;Economic/Political Uncertainty.&rdquo; We believe the foregoing provides sufficient contextual information informing a reader&rsquo;s
view of the MD&amp;A discussion regarding inflationary pressures, but will assess for future filings whether additional disclosure can
be added directly to the MD&amp;A to assist the reader.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>4.</I></FONT></TD><TD STYLE="text-align: justify"><I>Please further discuss in future filings whether supply chain disruptions materially affect your outlook
or business goals. Specify whether these challenges have materially impacted your results of operations or capital resources and quantify,
to the extent possible, how your sales, profits, and/or liquidity have been impacted.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Company Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We acknowledge Staff&rsquo;s comment.
While supply chain disruptions were significant in 2022, albeit to a lesser extent than the industry experienced in 2021 and 2020, supply
chains have been rebalancing and we do not currently anticipate any further material disruptions. The primary impact was through reduced
sales, labour and other operational inefficiencies, as well as an increase in inventory to protect against supply chain disruptions, all
disclosed in Exhibits 1 and 3. To the extent that supply chain disruptions materially impact the Company&rsquo;s outlook or business goals
in future periods, we will seek to provide additional disclosure regarding material impacts to results of operations or capital resources,
as well as to sales, profits and/or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>5.</I></FONT></TD><TD STYLE="text-align: justify"><I>We note that you have experienced labour and other operational inefficiencies at your facilities as
a result of your production lines being stopped/started largely due to supply constraints. Please revise your disclosure in future filings
to discuss known trends or uncertainties resulting from mitigation efforts undertaken, if any. Explain whether any mitigation efforts
introduce new material risks, including those related to product quality, reliability, or regulatory approval of products.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><U>Company Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We acknowledge Staff&rsquo;s comment.
While supply chain disruptions were significant in 2022, supply chains have been rebalancing and we do not currently anticipate further
material disruptions. In any event, the primary impact of mitigation efforts was the increased costs disclosed in Exhibits 1 and 3. To
the extent material future supply disruptions arise, we will address material trends or uncertainties resulting from mitigation efforts,
together with material risks (if any) arising from such efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have forwarded a copy of the Letter and this
response to the Company&rsquo;s Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please feel free to contact the undersigned at
(905) 726-7220 if you have any further questions or comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><I>/s/ Patrick W.D. McCann</I> &nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Patrick W.D. McCann<BR>
 Executive Vice-President &amp; Chief Financial Officer</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">c.c.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%">Members of the Magna International Inc. Audit Committee</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Swamy Kotagiri, Chief Executive Officer</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Devin McLeod, Vice-President, Finance</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Robert Cecutti, Controller</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>


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