Fisker Stock Crisis Causes Analysts to Slash Price Targets on Magna International
Magna(MGA) InvestorPlace·2024-05-07 03:26
It hasn’t been a pleasant 2024 for vehicle parts maker Magna International (NYSE:MGA), who also happens to be the contract manufacturer for the struggling Fisker (OTCMKTS:FSRN). Magna produces the Fisker Ocean, an electric vehicle (EV) SUV.Magna CEO Swami Kotagiri disclosed in the company’s first-quarter earnings call that “production of the vehicle is currently idled” and that Magna’s guidance “assumes no further production” of the Ocean.As a result, 2024 revenue guidance was lowered by about $400 million, ...