Magna International Clears Uncertainties Around Fisker Contract -- Market Talk

Dow Jones05-06

1109 ET - Magna International's 1Q results gave a little more clarity on Fisker and what would have been an otherwise murky evolution of EV sales. CIBC's Krista Friesen says in a report that Magna's 1Q cleared up some uncertainties around its Fisker contract after taking the write down and fully impaired its operating assets and warrants. "While there are still several unknowns when it comes to the near-term evolution of EV sales, we view this as a step in the right direction," Friesen says. Still, the company isn't left with any meaningful near-term upside catalysts, she adds, but at this point, only limited downside risks exist. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

May 06, 2024 11:09 ET (15:09 GMT)

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