The autoparts maker says the impact was far worse than the quarterly declines during the 2008-2009 financial crisis as it lost
Reporting in
Revenues for the three months ended
Magna was expected to report an adjusted loss of
The
“While our second quarter results were impacted by a precipitous decline in global vehicle production caused by the COVID-19 pandemic, I am pleased we have been able to successfully and safely restart operations at our plants around the world," said CEO
"Additionally, we have taken several actions across the company to reduce our cost structure to be aligned with our updated expectations for future vehicle production. We expect our second half 2020 results to begin to reflect these actions. I am confident that Magna will emerge from the recent economic upheaval as strong as ever.”
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