Feb 9 (Reuters) - Canadian auto parts supplier Magna International forecast its 2024 profit below estimates on Friday, as the industry navigates challenges originating from higher raw material prices and cooling demand for electric vehicles (EV).

Auto parts suppliers have been hit by a slowdown in demand for EV parts, as automakers scale back investments and shift focus to higher-margin hybrid and gas-powered vehicles.

The Aurora, Ontario-based company expects full-year profit in the range of $1.6 billion to $1.80 billion. Analysts on average were expecting a profit of $1.91 billion, according to LSEG data.

On Thursday, peer BorgWarner also forecast its 2024 profit and revenue below street expectations, on cooling demand for their parts as automakers cut back on their EV ambitions to protect margins.

On an adjusted basis, the company earned a profit of $1.33 per share for the fourth quarter ended December 31, missing analysts' expectations of $1.48 per share.

Fourth-quarter sales rose 9.2% to $10.45 billion, in line with a Wall Street consensus. (Reporting by Nathan Gomes and Shivansh Tiwary in Bengaluru; Editing by Vijay Kishore)