Opel bidder Magna International on Friday reported an operating loss of US$237m (down $556m) and a net loss of $205m (off $432m) for the second quarter of 2009 after vehicle production declined 49% year on year to 1.8m units in North America and 28% to 3.1m units in Europe.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Magna’s North American and European average dollar content per vehicle decreased 10% and 7% respectively and complete vehicle assembly sales by the Magna Steyr unit in Austria fell 60% to $423m as volume declined 65% to around 14,100 units.
Total sales fell 45% to $3.7bn in the second quarter.
First half vehicle production fell 50% to 3.5m units in North America and 34% to 5.6m units in Europe, North American and European average dollar content per vehicle was down 3% and 5% respectively, complete vehicle assembly sales were off 61% to $824m and complete vehicle assembly volume dived 69% to approximately 26,100 units. Total sales were down 45% to $7.3bn.
As a result, the operating loss was $467m and the net loss $405m; huge falls of $1.1bn and $839m respectively.
