Canadian auto supply giant Magna International has withdrawn its 2020 forecast amid the novel coronavirus pandemic, but it’s reassuring investors that it has $1 billion in cash and $3 billion in readily available credit.
“A number of our OEM customers, particularly in North America and Europe, have initiated production downtime or have reduced production rates,” the company said in a statement Thursday evening. “It is uncertain whether OEMs will extend production downtime or further lower production rates as circumstances evolve.”
Ford Motor Co., FCA, Toyota Motor Corp. and Honda Motor Co., on Thursday updated plans to resume North American light-vehicle output. Their restart times vary anywhere from some plants resuming operation April 6 to others not coming online until April 20.
“Many of our facilities have reduced or suspended operations for reasons related to the COVID-19 pandemic, including as a result of government-ordered restrictions,” Magna…