Skip to main content
//empty //empty
Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens.
Visit the hub

Attendees await the start of Magna's annual meeting in Toronto on May 10, 2013.

Nathan Denette/The Canadian Press

Canadian auto parts maker Magna International Inc. reported a 51-per-cent fall in quarterly adjusted profit on Thursday, hurt by a decline in global automobile production owing to the novel coronavirus crisis.

Several auto parts makers including BorgWarner Inc. and Visteon Corp., which were already struggling because of weak automotive demand in a slowing global economy, have reported steep declines in quarterly sales as coronavirus-led lockdowns forced automakers to shut production.

Magna, which lost $1.1-billion in sales as a result of production curtailments by customers in the first quarter, said factories in North America, its biggest market, were expected to restart in stages over the next few weeks.

Story continues below advertisement

Plants of suppliers and customers in China have already resumed production, while facilities in Europe were beginning to return to normal operations, Magna said.

Magna makes parts such as body structures, chassis and powertrain for customers, including Ford Motor Co. and Volkswagen AG.

Adjusted net income attributable to Magna fell to $261-million, or 86 cents a share, in the first quarter ended March 31 from $531-million, or $1.63 a share, a year earlier.

Sales fell about 18 per cent to $8.66-billion.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies