Failed Opel buyer Magna makes a loss

Magna
Magna makes heavy losses
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Since then, car sales have picked up again and the Revenue rose 12 percent to $ 5.4 billion. But Magna has to digest the long-term effects of the crisis: The company had cut back on production in order to adapt to the new conditions.

Magna sales collapsed by 27 percent

This conversion costs money. In the full year, the loss adds up to almost half a billion dollars, sales collapsed by 27 percent to 17.4 billion dollars. In the current year things should go up again, but without being able to build on the boom times. Magna management expects to turn over between $ 19 billion and $ 20 billion. Whether there would be a profit remained open. For months, Magna had been an almost certain new investor for the ailing German car manufacturer Opel applies. But then the Opel parent company General Motors made a U-turn after surviving its own bankruptcy and now wants to reorganize its daughter itself.

Opel is one of Magna's most important customers

D Negotiations with the federal government about state aid are currently ongoing. The largest US automaker and Opel are still among Magna's most important customers. The Austrian-Canadian company is one of the heavyweights in the industry and even manufactures entire cars itself. Magna is now using the crisis to swallow stumbled rivals. Only on Thursday did the group take over Karmann's Japanese roof production.

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