Magna posts a second quarter loss of $205 million
By Andrew C., 27 Aug, 2010. 0 Comments
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Magna International reported a loss of $205 million in the second quarter. From April to June, it recorded a 45% drop of year-on-year sales to $3.5 billion . Magna has been on the news lately because it is one of two bidders left in the pursuit of buying Opel/Vauxhall from General Motors. Magna is said to be preferred by German government and Opel unions while GM is favoring RHJ International. It is believed that Magna was hurt by a 49% drop in US production and a 28% fall in Europe. In the second half of the year, Magna seeks to post a profit by taking advantage of scrappage schemes in Europe and in the US. [via autocar]
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