Magna’s engine is sputtering: the number of vehicles produced in Graz continues to decline and overall sales are declining. An important order from Jaguar also expires at the end of this year.
Where is the European car industry heading? Slow sales of electric cars, VW turbulence and high personnel costs are worsening the crisis in the European market. Car manufacturer and supplier Magna from Graz feels this clearly again: according to the current quarterly report, a third fewer cars rolled off the production line in Thondorf this year than in the same period last year. While there were more than 83,000 in 2023, there are currently only 56,000.
In addition, production of Jaguar (a combustion engine, an electric car) will be stopped at the end of this year and start-up Ineos has withdrawn a large order.
Overall, the Austrian-Canadian group is not doing well: turnover fell by four percent in the third quarter to 9.4 billion euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
