Magna got screwed by American EV startup Fisker
Production of the Fisker Ocean has currently halted. The 2024 outlook has been updated assuming no further production of Fisker Ocean, resulting in approximately $400 million reduction in sales and about 25 basis points decline in adjusted EBIT margin.
In Q1 2024, full impairment was recorded on operating assets and stock options - $261 million asset impairment and $33 million stock option impairment. Approximately $195 million of deferred revenue couldn't be recognized in Q1 and will be recorded when performance obligations are fulfilled or the Fisker contract manufacturing agreement is terminated.
Additionally, $22 million in related restructuring costs were recorded. We continue to monitor the situation and evaluate opportunities to further mitigate the impact on our business.
Source: 朱玉龙-YL
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