Magna Cancels Lyft PartnershipClick image to enlargeAfter almost two years of collaboration, automotive giant Magna is concluding its partnership with ridesharing and self-driving tech firm Lyft.

Magna disclosed the move in its 2020/2022 financial outlook report, characterizing the move as an evolution of how the two companies will work together. 

In the statement, Magna says “Moving forward, we are concluding our partnership to co-develop self-driving technology. We expect to continue to collaborate in several areas related to autonomous developments, including aspects of hardware development and potential joint opportunities in software and hardware manufacturing.”

Magna is also watching several risks on the horizon the company must manage, including:

Risks Related to the Automotive Industry

  • economic cyclicality
  • regional production volume declines
  • intense competition
  • trade disputes / tariffs

Customer and Supplier Related Risks

  • concentration of sales with six customers
  • shifts in market shares among vehicles or vehicle segments
  • shifts in "take rates" for products we sell
  • quarterly sales fluctuations
  • potential loss of any material purchase orders
  • a deterioration in the financial condition of our supply base
  • OEM consolidation

Manufacturing Operational Risks

  • product and new facility launch risks
  • operational underperformance
  • restructuring costs
  • impairment charges
  • labour disruptions
  • supply disruptions
  • climate change risks
  • attraction/retention of skilled labour    
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