Auto parts firm Magna International expects 2020 sales to be down from 2019
Factors include: a stronger U.S. dollar, the sale of its fluid pressure and controls business and lower expected light vehicle production in Europe
AURORA, Ont.—Magna International Inc. says it expects sales in 2020 to fall compared with 2019 due to a stronger U.S. dollar, the sale of its fluid pressure and controls business and lower expected light vehicle production in Europe.
The auto parts company also says it has decided to conclude its self-driving technology partnership with Lyft as part of a change in the way it works with the ride-hailing company.
Magna says it expects to continue to collaborate in several areas related to autonomous developments, including aspects of hardware development and potential joint opportunities in software and hardware manufacturing.
In its outlook, the company says it expects total sales between $38 billion and $40 billion this year. Net income attributable to the company for the year is expected to be between $1.8 billion and $2.0 billion.
The company also announced that its board has appointed Swamy Kotagiri as president, reporting to chief executive Don Walker.
Kotagiri is expected to continue to oversee Magna’s power and vision business as well as its corporate research and development programs and related investments.