Magna has reported first-quarter sales down 18% to US$8.7bn in the light of the coronavirus crisis.
Net income fell to US$261m from US$1.1bn in the previous quarter.
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“As we face the COVID-19 pandemic, the health and safety of employees has been our number one priority,” said Magna CEO, Don Walker.
“We have a strong, experienced management team that has faced challenging times in the past and I am very pleased with the coordinated global response of the entire team to this significant disruption in our business.
“In coordination with our customers, suppliers, and health experts, we are now highly focused on the safe restart of production at a number of our facilities.
“I am confident the industry will recover from this crisis and that Magna is in a strong position going forward.”
The COVID-19 pandemic and related restrictions have resulted in the temporary suspension of production at substantially all OEM and supplier production facilities in China, Europe and North America, added a Magna statement.
While OEM and supplier final production facilities in China have generally resumed production, facilities in Europe are beginning to return to production and facilities in North America are expected to do the same in stages during the next few weeks.
