Magna Announces Third Quarter Results, Stock Split and Other Matters

AURORA, Ontario, November 4, 2010 - Magna International Inc. (TSX: MG; NYSE: MGA) today reported
financial results for the third quarter and nine months ended September 30,
2010.

                                      THREE MONTHS         NINE MONTHS ENDED
                                     ENDED SEPTEMBER         SEPTEMBER 30,
                                           30,
                                    2010        2009       2010         2009

    Sales                       $ 5,942(2)    $ 4,669   $ 17,504    $ 11,948
    Operating income (loss)       $ 317          $ 81      $ 975      $ (386)
    Net income (loss)             $ 241          $ 51      $ 757      $ (354)
    Diluted earnings (loss) per
    share                        $ 2.06        $ 0.45     $ 6.61     $ (3.17)

         All results are reported in millions of U.S. dollars, except per
                    share figures, which are in U.S. dollars.

THREE MONTHS ENDED SEPTEMBER 30, 2010

We posted sales of $5.9 billion for the third quarter ended
September 30, 2010, an increase of 27% from the third quarter of 2009. This
higher sales level was a result of increases in our North American, European
and Rest of World production sales, complete vehicle assembly sales and
tooling, engineering and other sales.

During the third quarter of 2010, North American and European
average dollar content per vehicle increased by 9% and 8%, respectively, each
compared to the third quarter of 2009. In addition, North American vehicle
production increased 28% whereas European vehicle production decreased 1%,
each compared to the third quarter of 2009.

Complete vehicle assembly sales increased 21% to $519 million
for the third quarter of 2010 compared to $428 million for the third quarter
of 2009, while complete vehicle assembly volumes increased 41% to
approximately 21,000 units.

During the third quarter of 2010, operating income was $317
million, net income was $241 million and diluted earnings per share were
$2.06, increases of $236 million, $190 million and $1.61, respectively, each
compared to the third quarter of 2009.

During the third quarter ended September 30, 2010, we
generated cash from operations of $422 million before changes in non‑cash
operating assets and liabilities, and invested $57 million in non‑cash
operating assets and liabilities. Total investment activities for the third
quarter of 2010 were $233 million, including $182 million in fixed asset
additions, $45 million in investments and other assets and $6 million to
purchase subsidiaries.

NINE MONTHS ENDED SEPTEMBER 30, 2010

We posted sales of $17.5 billion for the nine months ended
September 30, 2010, an increase of 47% from the nine months ended September
30, 2009. This higher sales level was a result of increases in our North
American, European and Rest of World production sales, complete vehicle
assembly sales and tooling, engineering and other sales.

During the nine months ended September 30, 2010, vehicle
production increased 54% to 9.0 million units in North America and 14% to 9.8
million units in Europe, each compared to the first nine months of 2009.

Also during the first nine months of 2010, our North American
and European average dollar content per vehicle increased 12% and 10%
respectively, each compared to the first nine months of 2009.

Complete vehicle assembly sales increased 24% to $1.6 billion
for the nine months ended September 30, 2010 compared to $1.3 billion for the
nine months ended September 30, 2009, while complete vehicle assembly volumes
increased 50% to approximately 61,000 units.

During the nine months ended September 30, 2010, operating
income was $975 million, net income was $757 million and diluted earnings per
share were $6.61, increases of $1.4 billion, $1.1 billion and $9.78,
respectively, each compared to the first nine months of 2009.

During the nine months ended September 30, 2010, we generated
cash from operations before changes in non-cash operating assets and
liabilities of $1.3 billion, and invested $322 million in non-cash
operating assets and liabilities. Total investment activities for the first
nine months of 2010 were $586 million, including $479 million in fixed asset
additions, $99 million in investments and other assets and $8 million to
purchase subsidiaries.

Don Walker, Magna's Chief Executive Officer commented: "We
continue to generate strong earnings and cash flow, even at historically low
levels of vehicle production in our primary markets of North America and
Western Europe. The eventual recovery of vehicle production in these markets,
combined with our expansion plans in other regions around the world, our
strong balance sheet, and our continued efforts to improve underperforming
operations all leave us very optimistic about Magna's future operating
results."

A more detailed discussion of our consolidated financial
results for the third quarter and nine months ended September 30, 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.

STOCK SPLIT

Our Board of Directors has approved a two-for-one stock split
of the company's outstanding common shares. The two-for-one stock split will
be implemented by way of a stock dividend. Subject to regulatory approval,
shareholders will receive one additional common share of Magna for each
common share held. The stock dividend will be payable on November 24, 2010,
to shareholders of record at the close of business on November 16, 2010.
Shareholders should retain their existing share certificates and not return
their share certificates to Magna or its transfer agent.

Magna's common shares are expected to begin trading on a split
basis on the Toronto Stock Exchange on November 12, 2010 and on the New York
Stock Exchange on November 26, 2010.

Magna is ascribing no monetary value to the stock dividend.
All of Magna's equity-based compensation plans and arrangements will be
adjusted to reflect the issuance of additional shares due to the stock split.

Vince Galifi, Magna's Executive Vice President and Chief
Financial Officer stated: "The decision to announce a stock split at this
time reflects the Board's confidence in our future."

INCREASED QUARTERLY CASH DIVIDEND

Our Board of Directors also declared a quarterly dividend with
respect to our outstanding Common Shares for the quarter ended September 30,
2010. In light of Magna's performance, the Board decided to increase the
dividend by 20% to U.S. $0.18 per share after giving effect to the
two-for-one stock split referred to above (this equates to a dividend of U.S.
$0.36 per share on a pre stock split basis). This dividend is payable on
December 15, 2010 to shareholders of record on November 30, 2010.

NORMAL COURSE ISSUER BID

Subject to approval by the Toronto Stock Exchange ("TSX") and
the New York Stock Exchange ("NYSE"), our Board of Directors approved a
normal course issuer bid to purchase up to 4.0 million of our Common Shares
(adjusted to 8.0 million shares on a post stock split basis), representing
approximately 3.3% of the outstanding Common Shares. The primary purposes of
the normal course issuer bid are purchases for cancellation to offset
potential dilution resulting from the exercise of stock options, for
purchases to fund the Company's restricted stock unit program and its
obligations under its deferred profit sharing plans. The normal course issuer
bid is expected to commence on or about November 10, 2010 and will terminate
one year later. All purchases of Common Shares will be made at the market
price at the time of purchase in accordance with the rules and policies of
the TSX. Purchases may also be made on the NYSE in compliance with Rule
10b-18 under the U.S. Securities Exchange Act of 1934.

GOVERNANCE

As previously announced, in connection with the elimination of
our dual class structure effective August 31, 2010, our Chairman, Frank
Stronach, has resigned as a member of the Nominating Committee of our Board
of Directors. This vacancy was filled today by the Board's appointment of
Louis Lataif, Dean Emeritus of Boston University School of Management and
former President of Ford Europe. The Nominating Committee is now comprised
entirely of independent directors and, consistent with its mandate, will
undertake a comprehensive review of the Board's composition with a view to
ensuring that the Board continues to have the capabilities to oversee our
operations globally. The Nominating Committee plans to retain an
internationally recognized firm to assist in its search for potential future
Board members as part of this review process.

2010 OUTLOOK

For the full year 2010, we expect our sales to be between
$23.5 billion and $24.0 billion, based on full year 2010 light vehicle
production volumes of approximately 11.8 million units in North America and
approximately 12.6 million units in Europe. Full year 2010 average dollar
content per vehicle is expected to be between $980 and $995 in North America
and between $545 and $555 in Europe. We expect our full year 2010 complete
vehicle assembly sales to be between $2.05 billion and $2.15 billion. In
addition, we expect that full year 2010 spending for fixed assets will be in
the range of $740 million to $775 million.

This 2010 outlook assumes no significant acquisitions or
divestitures. In addition, we have assumed that foreign exchange rates for
the most common currencies in which we conduct business relative to our U.S.
dollar reporting currency will approximate current rates.

ABOUT MAGNA

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 over 92,000 employees in 245 manufacturing operations
and 80 product development, engineering and sales centres in 25 countries.

We will hold a conference call for interested analysts and
shareholders to discuss our third quarter results on Thursday, November 4,
2010 at 6:00 p.m. EDT. The conference call will be chaired by Don Walker,
Chief Executive Officer. The number to use for this call is 1-800-954-0696.
The number for overseas callers is 1-416-981-9020. 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 afternoon prior to the call.

FORWARD-LOOKING STATEMENTS

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: Magna's
expected consolidated sales, based on expected light vehicle production in
North America and Europe; North American and European average dollar content
per vehicle; complete vehicle assembly sales; fixed asset expenditures;
future purchases of our Common Shares pursuant to our normal course issuer
bid and any resultant offsetting of dilution. 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; risks associated with our partnership with the Stronach group to
continue to pursue opportunities in the vehicle electrification business; 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,
including, without limitation, factors set out in our Management Information
Circular/Proxy Statement, dated May 31, 2010 under the heading "Risks
Relating to the Vehicle Electrification Joint Venture". 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.

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

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.