January 16, 2020 / 10:31 AM / 4 months ago

Canadian auto parts maker Magna expects lower sales in 2020

Jan 16 (Reuters) - Canadian auto parts maker Magna International Inc on Thursday said it expects lower vehicle sales in 2020, hurt by a stronger dollar, the sale of its fluid pressure and controls business and lower light-vehicle output in Europe.

The company said it expects 2020 sales to be between $38 billion to $40 billion and net income attributable to be in the range of $1.8 billion to $2 billion.

Magna said it has discontinued its partnership with Lyft to co-develop self-driving technology.

Reporting by Shradha Singh in Bengaluru; Editing by Aditya Soni

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