The Canadian stock market selloff has witnessed an expansion in recent weeks. It might be due to the economic worries related to high inflation, rising interest rates, and an inevitable recession that continue to threaten investors. On the one hand, the share prices of several allegedly inflated growth stocks have been adjusted as a result of the recent market selloff. While on the contrary side, it has boosted the allure of many growth equities that were previously oversold.



In this piece, let’s quickly discuss one such Canadian electric vehicle (EV) stock that investors can think about purchasing right away and holding for as long as they choose. It is noteworthy that this growth stock offers its investors tempting quarterly dividends.

Magna International Inc. (TSX: MG)
Established in 1957, Magna International Inc is an Aurora-based Canadian company that deals in auto components and mobility technology. It is primarily recognized for its role in the production of electric vehicles; however, its product segments include body exteriors & structures, seating systems and power & vision.

With a $19.8 billion market valuation, Magna International is listed on the Toronto Stock Exchange as TSX: MG and on the New York Stock Exchange as NYSE: MGA. This Canadian EV company has declined by 32.5% so far in 2022, from $102.35 per share to just $69.09 per share, lagging the larger market by a significant margin after rising steadily over the previous three years. Comparatively, the benchmark TSX Composite index is currently down 12.1% for the year. Today as on 26th October 2022 TSX MG Share price  was 73.32 CAD

The dividend payments on MG stock are distributed quarterly with a decent return of around 3.3% at the current market price.

Should you explore this beaten-down Canadian EV Stock in 2022?
For the past years, Magna International has been among the largest automotive industry suppliers globally. With the recent surge in demand for electric vehicles and smart mobility, it has increased its emphasis on expanding its offerings in the EV and mobility technology segments.

Demand for EVs is predicted to skyrocket in the coming years as more countries seek to transition away from gasoline vehicles in order to diminish their reliance on traditional energy products and reduce carbon emissions. It is one of the main reasons why Magna's innovative offerings for the EV segment will significantly boost its long-term financial growth and help its stock soar.

Magna International could be one of the great stocks that could help you generate constant investment returns. Despite more than 30% year-to-date losses, it has generated nearly 225% positive returns in the last decade. Additionally, its dividend could help you earn a decent passive income that can be used in its stocks for re-investment purposes.