Magna has established internal task forces to assess, monitor and deal with the potential impact of COVID-19 on our business and share information across the company. We continue to adjust our operations and take actions to protect the health of our employees, suppliers and visitors.
A number of our OEM customers, particularly in
Following an extended period of production downtime in February, our operations in
Given the high degree of business uncertainty caused by COVID-19, we are withdrawing our outlook. We will next provide a general business update when we report our first quarter 2020 results and will resume providing an outlook at a future date. In the meantime, investors should take comfort from the fact that we have liquidity of approximately
Reflecting our commitment to the communities in which we operate, we are working creatively to help source and produce critically-needed supplies and equipment for the health care sector. Our global purchasing organization has been successful in securing significant quantities of masks for local hospitals and health care authorities.
Photos accompanying this announcement are available at
We are a mobility technology company. We have over 165,000 entrepreneurial-minded employees, 346 manufacturing operations and 94 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the
1 Manufacturing operations, product development, engineering and sales centres and employee figures include certain equity-accounted operations.
Certain statements in this press release constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”). Any such forward-looking statements are intended to provide information about management’s current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as “may”, “would”, “could”, “should”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “aim”, “forecast”, “outlook”, “project”, “estimate”, “target” and similar expressions suggesting future outcomes or events to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements relating to Magna’s resilience; as well as our ability to withstand a significant downturn and capitalize on opportunities.
Forward-looking statements are based on information currently available to us, and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward-looking statements, they are not a guarantee of future performance or outcomes. Whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation:
|Risks Related to the Automotive Industry
Customer and Supplier Related Risks
Manufacturing/ Operational Risks
IT Security/Cybersecurity Risk
|Warranty / Recall Risks
Other Business Risks
Legal, Regulatory and Other Risks
In evaluating forward-looking statements or forward-looking information, we caution readers not to place undue reliance on any forward-looking statement, and readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements, including the risks, assumptions and uncertainties above which are discussed in greater detail in this document under the section titled “Industry Trends and Risks” and set out in our Annual Information Form filed with securities commissions in
Source: Magna International Inc.