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Chip shortages, lost production and rising raw material costs have battered big auto parts and technology suppliers during 2022.
Magna, which makes parts such as body structures, chassis and powertrain for automakers including Ford Motor (NYSE:F) and Volkswagen (ETR:VOWG_p), warned last month its profits would not meet its earlier expectations because of a number of issues including higher-than-expected warranty costs, lower sales and provisions for bills that customers might not pay.
Net income attributable fell to $95 million, or $0.33 per share, in the fourth quarter ended Dec. 31, from $464 million, or $1.54 per share, a year earlier.
