Magna CEO not convinced that the industry shakeout is over
By Andrew C., 27 Aug, 2010. 0 Comments
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The co-CEO of Magna International Inc., the world's largest supplier, states that even as industry conditions have been tough for suppliers, he's not convinced that the industry shakeout is over. At the Automotive News World Congress, co-CEO Don Walker stated that he thinks that "more rationalization" is coming. He explained that navigating through the industry is "about knowing where you want to go and knowing how you want to get there." He explained that this means that there's a need for difficult decisions on "rightsizing, streamlining and a focus on long-term competitiveness." Magna also stated that it estimates consolidated sales in 2010 to be between $19.5 billion and $20.5 billion, based on 2010 light-vehicle production volumes of about 10.3 million units in North America and about 11.4 million units in Europe. In addition, Magna believes that its average parts content per vehicle for all of 2010 is expected to be between $895 and $925 in North America and between $545 and $570 in Europe. [via autonews]
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