Crisis in Graz
Magna produced a third fewer cars
Magna's engine is sputtering: The number of vehicles produced in Graz is falling ever more significantly, and overall sales are declining. An important order from Jaguar is also due to expire at the end of the year.
Where is the European vehicle industry heading? The sluggish sales of e-cars, the VW turbulence and high personnel costs are exacerbating the crisis on the European market. Car manufacturer and supplier Magna in Graz is once again feeling the effects: according to the latest quarterly report, a third fewer cars rolled off the production line in Thondorf this year than in the same period last year. While the figure for 2023 was a good 83,000, it is currently only 56,000.
In addition, Jaguar production (one combustion engine, one electric car) will be discontinued at the end of the year and the start-up company Ineos has withdrawn a major order.
Overall, the Austro-Canadian group is not doing well: turnover fell by four percent to 9.4 billion euros in the third quarter.
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