Magna, in unusual step, lowers 2026 outlook on EV uncertainty, contract assembly woes

Magna expects sales of $44 billion to $46.5 billion in 2026, down about 10 percent from guidance it gave in February. (REUTERS)

August 02, 2024 03:25 PM

Magna International Inc. took the unusual step of lowering its outlook for its 2026 financial performance as North America's largest supplier grapples with automakers reducing, postponing or canceling electric vehicle targets amid soft sales growth.

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