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Magna posts Q2 loss as China lockdowns, supply chain woes weighed
Global News

Magna posts Q2 loss as China lockdowns, supply chain woes weighed

Magna International Inc. said Friday that COVID-19 lockdowns in China and a stronger U.S. dollar relative to other currencies, particularly the euro, negatively impacted the company’s second-quarter results. “The China COVID lockdowns in the quarter created further supply chain bottlenecks that are still being felt in the industry,” CEO Seetarama Kotagiri said on a conference call with analysts.He expects the constraints to continue throughout 2022, but the company lifted its full-year sales forecast as it anticipates an improvement leading to greater production levels in the back half of the year.There is also some risk moving forward that high inflation and rising interest rates will impact auto consumers, he noted. Read more: Magna International to open electric ...