Magna Expects Lower 2020 Sales, Ends Lyft Partnership

MAGNA EXPECTS LOWER 2020 SALES, ENDS LYFT PARTNERSHIP

While outlining expectations for the next few years, Magna International also cut ties with its autonomous-vehicle partner Lyft on Thursday. While Magna anticipates growth to 2022 it does expect sales this year to fall compared with 2019 due to a variety of factors. In its outlook released Thursday, the Canadian auto supply giant said the stronger U.S. dollar, the sale of its fluid pressure and controls business and lower expected light vehicle production in Europe will all contribute to lower sales in 2020. The company says it expects total sales between $38 billion and $40 billion this year. Net income attributable to the company for the year is expected to be between $1.8 billion and $2 billion. CFO Vince Galifi said in a conference call that foreign exchange rates will cost the company $700 million in 2020. The company also said Thursday that after nearly two years of collaboration, it has decided to end its