It supplies auto parts to over 50 of the world’s largest automobile brands, including General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F), and Tesla Inc. (NASDAQ: TSLA) in the US and Volkswagen AG (OTCMKTS: VWAGY) and BMW in Europe. It’s enabled EV brand Fisker Inc. (NYSE: FSR) to outsource production of its long-awaited Ocean SUV electric vehicle to Magna at its Austria plant. However, Magna missed EPS expectations in Q4 2022, extinguishing its earlier hopes for a second-half 2022 recovery from inflation, supply chain disruptions, and recessionary fears.