(Reuters) – Canadian auto parts manufacturer Magna International (NYSE: ) announced Friday that it believes the automotive sector will recover after years of being hit by semiconductor shortages. The company also forecasted a rise in annual revenue to as high as $4.2 billion.

This company lost an attempt to increase its advanced driver assist systems business by acquiring Sweden’s. Veoneer (NYSE:) Inc is looking to capitalise on the soaring demand for electrification, and autonomous cars.

Swamy Kotagiri (Chairman) stated that they expect better operating results in 2022, as the industry recovers.

According to the Ontario-based firm, full-year revenues were between $38.8 and $40.4 billion. This compares with Friday’s report of $36.24 billion for 2021. Based on Refinitiv II/B/E/S data, analysts expected $39.47 trillion.

American peer Aptiv Plc (NYSE:) Plc said last week that it expected the flow of semiconductors to automakers’ to stabilize in this year, allowing vehicle production to increase in the second half.

North American automakers and Canadian truckers are tussling with each other over an anti-coronavirus mandate to close the Ambassador Bridge. The bridge serves as a supply line for Detroit’s automobile makers.

General Motors Co. (NYSE 🙂 and Chrysler parent Stellantis Toyota Motor (NYSE.) Corp – All Magna customers have canceled shifts or reduced them due to a shortage of parts.

The chip shortage still impacted Magna’s fourth quarter results. The net sales of Magna dropped 13.7% to $9.11 Billion, but the company managed to surpass analysts’ expectations of $8.95 Billion.

The adjusted net income per share was $1.30, which also beat estimates of 86cs.