last week the company raised its annual forecasts on solid demand for auto partscanadian autoparts maker magna international said on wednesday it was prepared to consider laying off staff in the short term to combat disruptions in case of a strike by united auto workers uaw union at the detroit three carmakers uaw has been in negotiations with the carmakers ford motor general motors and stellantis on doubledigit pay increases and definedbenefit pensions for all workers we have prepared for a scenario of shutdown locations including moving around nonessential work and beyond that were looking at laying off people in the short term magna chief financial officer patrick mccann said at a jpmorgan auto conference advt parts supplier aptiv plc has also said its business can adjust down in the event of a labor disruption magna also warned that while chip supply and margins have improved over the months the levels are still well below those in 2019 last week the company raised its annual forecasts on solid demand for auto partsread alsocontract manufacturing the next wave of disruption in ev productionfisker cuts output forecast on lingering supply chain woes loss narrowsauto supplier magna to invest usd 790 mln to build three new facilitiesmagna lifts annual forecasts as results beat estimates on parts demand reuters published on aug 10 2023 at 0712 am 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 magna patrick mccann uaw united auto workers aptiv plc homenewsindustrymagna says job cuts likely in case of labor strike