Previous Close | 0.9000 |
Open | 0.6300 |
Bid | 0.5000 |
Ask | 0.6000 |
Strike | 65.00 |
Expire Date | 2025-01-17 |
Day's Range | 0.5000 - 0.6300 |
Contract Range | N/A |
Volume | |
Open Interest | 7 |
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Canada's Magna International missed first-quarter profit estimates and cut its full-year overall sales forecast on Friday, as auto parts suppliers navigate ongoing supply constraints and bumpy demand for electric vehicles. Auto parts suppliers have been struggling with lower-than-expected demand for their EV components, as carmakers shift their focus toward producing affordable hybrid vehicles instead. Magna, which produces powertrains, along with assembling complete vehicles, signed agreements with Fisker in 2020 to engineer and manufacture its Ocean SUV.
TORONTO — Magna International Inc. says its first-quarter profit fell compared with a year ago as it recorded US$316 million in asset impairments and restructuring costs related to troubled electric vehicle company Fisker. Magna builds the Ocean SUV for Fisker, which failed to make a required interest payment in March and warned it could seek bankruptcy protection. Magna, which keeps its books in U.S. dollars, says it earned US$9 million or three cents US per diluted share for the quarter ended