The Ontario auto-parts supplier said in its quarterly earnings report it now expects sales between US$37.3 million and US$38.9 billion this year, down from the range of US$38.8 million to US$40.4 billion it forecast in February. The update comes amid falling vehicle production and rising input costs and interest rates. Shares dropped about 3.1 per cent. (The Logic)

Talking point: Supply chain issues like the chip shortage are lasting longer than auto executives expected even a few months ago. Magna reported a 40 per cent decline in diluted earnings per share compared to a year ago as most of its Russian operations remain idle, and it’s not the only one struggling. Manitoba busmaker NFI saw shares fall 15 per cent after it also cut its 2022 guidance, warning it won’t get critical microprocessors until August. The transition to EVs is also raising new concerns about the battery supply chain. Lawmakers will hear from auto representatives at a House of Commons committee meeting Monday about supply chains.