The Canadian auto-parts maker said in its first-quarter earnings report that it recorded US$316 million in asset impairments and restructuring costs related to EV startup Fisker, and had reduced the value of the warrants to nil. (The Logic)

Talking point: Fisker, one of several EV makers that’s struggling, is nearing bankruptcy after poor vehicle reviews and financial management issues. Now, those issues are rippling up the supply chain. Magna, which supplies parts for 58 major vehicle brands around the world, said in its management discussion document that automakers have been deferring new EV programs or reducing current production shifts, which may make it hard to recover some of their investments in EV production on time. Magna’s first-quarter sales rose three per cent, while its net income fell to US$9 million, down from US$209 million a year ago.