Magna Announces First Quarter Results

AURORA, Canada, May 6, 2010 - Magna International Inc. (TSX: MG.A; NYSE: MGA) today reported
financial results for the first quarter ended March 31, 2010.

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                                                        THREE MONTHS ENDED
                                                     March 31,     March 31,
                                                       2010          2009
                                                    ----------    ----------
    Sales                                           $   5,512     $   3,574
    Operating (loss) income                         $     285     $    (230)
    Net (loss) income                               $     223     $    (200)
    Diluted (loss) earnings per share               $    1.97     $   (1.79)
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    All results are reported in millions of U.S. dollars, except per share
    figures, which are in U.S. dollars.
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THREE MONTHS ENDED MARCH 31, 2010

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>>

We posted sales of $5.5 billion for the first quarter ended March 31,
2010, an increase of 54% from the first quarter of 2009. This higher sales
level was a result of increases in our North American, European and Rest of
World production sales and complete vehicle assembly sales.

During the first quarter of 2010, North American and European average
dollar content per vehicle increased by 5% and 15%, respectively, each
compared to the first quarter of 2009. In addition, North American and
European vehicle production increased 67% and 33%, respectively, each
compared to the first quarter of 2009.

Complete vehicle assembly sales increased 11% to $446 million for the
first quarter of 2010 compared to $401 million for the first quarter of
2009, while complete vehicle assembly volumes increased 49% to
approximately 17,971 units.

During the first quarter of 2010, operating income was $285 million,
net income was $223 million and diluted earnings per share were $1.97,
increases of $515 million, $423 million and $3.76, respectively, each
compared to the first quarter of 2009.

During the first quarter ended March 31, 2010, we generated cash from
operations of $395 million before changes in non cash operating assets and
liabilities, and invested $339 million in non cash operating assets and
liabilities. Total investment activities for the first quarter of 2010 were
$166 million, including $133 million in fixed asset additions, $31 million
in investments and other assets and $2 million to purchase subsidiaries.

A more detailed discussion of our consolidated financial results for
the first quarter ended March 31, 2010 is contained in the Management's
Discussion and Analysis of Results of Operations and Financial Position and
the unaudited interim consolidated financial statements and notes thereto,
which are attached to this Press Release.

DIVIDENDS

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Our Board of Directors yesterday declared a quarterly dividend with
respect to our outstanding Class A Subordinate Voting Shares and Class B
Shares for the quarter ended March 31, 2010. The dividend of U.S.$0.18 per
share is payable on June 15, 2010 to shareholders of record on May 31, 2010.

OTHER MATTERS

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We also announced today that we entered into a transaction agreement
with the Stronach Trust under which holders of our Class A Subordinate
Voting Shares would be given the opportunity to decide whether to eliminate
the dual class share capital structure. Please refer to the separate Press
Release issued today which more fully describes the agreement and Note 13
to our unaudited interim consolidated financial statements for the three
months ended March 31, 2010 included in this Press Release.

We are the most diversified global automotive supplier. We design,
develop and manufacture technologically advanced automotive systems,
assemblies, modules and components, and engineer and assemble complete
vehicles, primarily for sale to original equipment manufacturers ("OEMs")
of cars and light trucks. Our capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating systems;
closure systems; body and chassis systems; vision systems; electronic
systems; exterior systems; powertrain systems; roof systems; hybrid and
electric vehicles/systems; as well as complete vehicle engineering and
assembly.

We have approximately 74,000 employees in 240 manufacturing operations
and 76 product development, engineering and sales centres in 25 countries.

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    We will hold a conference call for interested analysts and shareholders
    to discuss our first quarter results on Thursday, May 6, 2010 at 7:30
    a.m. EST. The conference call will be chaired by Vincent J. Galifi,
    Executive Vice-President and Chief Financial Officer. The number to use
    for this call is 1-800-892-9785. The number for overseas callers is
    1-212-231-2910. Please call in 10 minutes prior to the call. We will also
    webcast the conference call at www.magna.com. The slide presentation
    accompanying the conference call will be available on our website
    Thursday morning prior to the call.

FORWARD-LOOKING STATEMENTS

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The previous discussion contains statements that constitute "forward-
looking statements" within the meaning of applicable securities legislation
, including, but not limited to, statements relating to: Western European
automobile sales and light vehicle production; and the timing of new
program launches. The forward-looking information in this Press Release is
presented for the purpose of providing information about management's
current expectations and plans and such information may not be appropriate
for other purposes. Forward-looking statements may include financial and
other projections, as well as statements regarding our future plans,
objectives or economic performance, or the assumptions underlying any of
the foregoing, and other statements that are not recitations of historical
fact. We use words such as "may", "would", "could", "should", "will", "
likely", "expect", "anticipate", "believe", "intend", "plan", "forecast",
"outlook", "project", "estimate" and similar expressions suggesting future
outcomes or events to identify forward-looking statements. Any such forward-
looking statements are based on information currently available to us, and
are based on assumptions and analyses made by us in light of our experience
and our perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are appropriate in
the circumstances. However, whether actual results and developments will
conform with our expectations and predictions is subject to a number of
risks, assumptions and uncertainties, many of which are beyond our control,
and the effects of which can be difficult to predict, including, without
limitation: the potential for a slower than anticipated economic recovery
or a deterioration of economic conditions; production volumes and sales
levels which are below forecast levels; our dependence on outsourcing by
our customers; the termination or non renewal by our customers of any
material contracts; our ability to identify and successfully exploit shifts
in technology; restructuring, downsizing and/or other significant non-
recurring costs; impairment charges; our ability to successfully grow our
sales to non-traditional customers; unfavourable product or customer mix;
risks of conducting business in foreign countries, including China, India,
Brazil, Russia and other developing markets; our
ability to quickly shift our manufacturing footprint to take advantage of
lower cost manufacturing opportunities; disruptions in the capital and
credit markets; fluctuations in relative currency values; our ability to
successfully identify, complete and integrate acquisitions; pricing
pressures, including our ability to offset price concessions demanded by
our customers; warranty and recall costs; the financial condition and
credit worthiness of some of our OEM customers, including the potential
that such customers may not make, or may seek to delay or reduce, payments
owed to us; the financial condition of some of our suppliers and the risk
of their insolvency, bankruptcy or financial restructuring; the highly
competitive nature of the automotive parts supply business; product
liability claims in excess of our insurance coverage; changes in our mix of
earnings between jurisdictions with lower tax rates and those with higher
tax rates, as well as our ability to fully benefit tax losses; other
potential tax exposures; legal claims against us; work stoppages and labour
relations disputes; changes in laws and governmental regulations; costs
associated with compliance with environmental laws and regulations;
potential conflicts of interest involving our indirect controlling
shareholder, the Stronach Trust; and other factors set out in our Annual
Information Form filed with securities commissions in Canada and our annual
report on Form 40-F filed with the United States Securities and Exchange
Commission, and subsequent filings. In evaluating forward-looking
statements, we caution readers not to place undue reliance on any forward-
looking statements and readers should specifically consider the various
factors which could cause actual events or results to differ materially
from those indicated by such forward-looking statements. Unless otherwise
required by applicable securities laws, we do not intend, nor do we
undertake any obligation, to update or revise any forward-looking
statements to reflect subsequent information, events, results or
circumstances or otherwise.

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    For further information about Magna, please see our website at
    www.magna.com. Copies of financial data and other publicly filed
    documents are available through the internet on the Canadian Securities
    Administrators' System for Electronic Document Analysis and Retrieval
    (SEDAR) which can be accessed at www.sedar.com and on the United States
    Securities and Exchange Commission's Electronic Data Gathering, Analysis
    and Retrieval System (EDGAR) which can be accessed at www.sec.gov
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For further information: please contact Louis Tonelli, Vice-President,
Investor Relations at +1-(905)-726-7035; For teleconferencing questions,
please contact Karin Kaminski at +1-(905)-726-7103/

For further information: please contact Louis Tonelli, Vice-President, Investor Relations at +1-(905)-726-7035; For teleconferencing questions, please contact Karin Kaminski at
+1-(905)-726-7103/