I'd expect the auto industry to have a pretty rough couple next few years here, especially after the Republican win and the risk of auto tariffs. I do know that Magna was impacted during Trump's first round of tariffs but I also know it wasn't by all that much. However, if larger Tariffs come in, we could see a hit to all these companies.
For an industry turnaround, would be hard to not lean towards a company like Magna. It is a strong free cash flow generator and has been buying back a ton of shares over the last decade here, which ultimately could work out in its favor in the event of a turnaround in the industry.
The two companies (Linamar and Magna) are so similar in operating performance (margins, earnings growth, fcf growth etc) that I would tend to lean towards the industry leader and larger player who is going to likely have a bit more tailwinds in the event of a turnaround.
All I will say is if you're looking to buy these companies based on a turnaround in the industry, I'd be thinking multiple years out. Don't expect any sort of quick turnaround.