The Aurora, Ont.,-based auto-parts maker expects 14.4 million vehicles to be made in North America this year, down from the 15.6 million it forecast in May, citing the semiconductor shortage, rising commodity prices and wage hikes mandated in a new Mexican labour law for the lower estimates. (The Logic)
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The Aurora, Ont.,-based auto-parts maker expects 14.4 million vehicles to be made in North America this year, down from the 15.6 million it forecast in May, citing the semiconductor shortage, rising commodity prices and wage hikes mandated in a new Mexican labour law for the lower estimates. (The Logic)
Talking point: Magna shares were down 0.42 per cent, despite more than doubling sales from pandemic lows a year ago. “I’m disappointed with the semiconductor situation,” said chief financial officer Vincent Galifi in an earnings call. “But as I think about what’s going to happen next year…. Our customers’ sales are still strong. Inventories are very low—historic lows. Interest rates are still at very good levels.” Magna is up against Qualcomm in a fight to buy driver-assistance startup Veoneer, and CEO Swamy Kotagiri said in the call that it would “be disciplined” and was “committed to earning appropriate returns.” Regardless of the deal’s fate, Kotagiri said Magna is speeding up investments in driver-assistance and electrification, with more projects under review.
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