magna which lost 11 billion in sales as a result of production curtailments by customers in q1aurora canadian auto parts maker magna international inc reported a 51 fall in quarterly adjusted profit on thursday hurt by a decline in global automobile production due to the coronavirus crisis several auto parts makers including borgwarner inc and visteon corp which were already struggling due to weak automotive demand in a slowing global economy have reported steep declines in quarterly sales as coronavirusled lockdowns forced automakers to shut production magna which lost 11 billion in sales as a result of production curtailments by customers in the first quarter said factories in north america its biggest market were expected to restart in stages over the next few weeks advt plants of suppliers and customers in china have already resumed production while facilities in europe were beginning to return to normal operations magna said magna makes parts such as body structures chassis and powertrain for customers including ford motor co and volkswagen ag adjusted net income attributable to magna fell to 261 million or 86 cents per share in the first quarter ended march 31 from 531 million or 163 per share a year earlier sales fell about 18 to 866 billionread alsoetauto originals auto part makers seek increase in working capital limits and wage support to kickstart operationsauto parts maker borgwarner on track to close delphi buyout this year reuters published on may 8 2020 at 1218 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app magna international inc magna international coronavirus impact visteon borgwarner inc visteon corp auto parts maker homenewsauto componentscoronavirus impact magnas profit halves on pandemic hit