09:58:13 EDT Fri 09 May 2025
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 282,127,361
Close 2025-02-14 C$ 53.61
Market Cap C$ 15,124,847,823
Recent Sedar Documents

Globe says Magna CEO calls tariffs "disruptive"

2025-02-18 07:49 ET - In the News

The Globe and Mail reports in its Saturday edition that Magna International chief executive officer Swamy Kotagiri says President Donald Trump's plan to slap tariffs on imports from Canada and Mexico next month will disrupt the automotive industry and impose unaffordable costs on parts suppliers. The Globe's Eric Atkins writes that Mr. Kotagiri says he has been in talks with customers about the proposed 25-per-cent tariffs since December. He says some are discussing shifting production to avoid the levies. He says Magna is prepared to work with the automakers to look at moving production, but the company is unable to eat the cost of the tariffs. Mr. Kotagiri says, "I can tell you one thing, for a supplier to absorb this magnitude that they're talking about is really unrealistic and untenable." He says players in the highly integrated auto industry cannot simply move factories or production to avoid tariffs. He adds, "All said and done, you know the industry well enough, this is not a switch that can be turned on and off in the short term, so I believe this is going to be disruptive." BMO's Tamy Chen says if the tariffs are in place for a year, Magna's estimated 2025 pretax earnings could be reduced by 20 per cent.

© 2025 Canjex Publishing Ltd. All rights reserved.