Magna misses profit estimates, cuts annual sales forecast on supply chain issues

Subject of emergency alert message arrested - May 2, 2024 | SaltWire #dartmouth #update #suspect - Canada's Magna International missed analysts' estimates for first-quarter profit and cut its full-year overall sales forecast on Friday, as the auto parts supplier navigates headwinds from supply chain snags.

Fisker has been grappling with mounting uncertainties after talks with a large automaker for a potential investment collapsed in March. Auto parts suppliers have been struggling with lower-than-expected demand for their EV components as carmakers shift their focus toward producing affordable hybrids.

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