Magna Steyr, despite Fisker woes, remains bullish on EVs

GRAZ, Austria — Magna Steyr remains bullish on electrification, despite slowing consumer demand for electric vehicles and regardless of Fisker’s decision to cease production at the contract manufacturer’s facility here.

Magna Steyr’s parent, Magna International, said this month it was facing lower-than-projected sales and earnings after its business with the U.S. EV maker was idled. Magna Steyr also announced that it would dismiss 500 employees at the Graz facility because of the production stoppage of the Ocean as well as the BMW 5 Series and Jaguar E-Pace and I-Pace.Despite the volatility in the EV sector after several years of rapid growth, Prettner said the future will undoubtedly be electric. “That will not change,” he said.

To date, Magna has manufactured more than 4 million vehicles, including 34 models from 11 automakers. It offers three business models, namely engineering; engineering and manufacturing; and manufacturing.

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